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Join nowWelcome to the Community forum, @info673. Thanks for the details.
A transfer means money is being transferred from one of your bank accounts to another bank account or credit card account that is both on your company chart of accounts. For instance, you used your business credit card to pay with your checking account. As long as the accounts are both on your company chart of accounts, it's a transfer of funds between accounts.
To learn more on managing your transactions, you can refer below articles:
If you need anything else concerning QuickBooks, let me know. I'm here for you. Take care.
More important is what's the account category (like for example Equity account and Liability account) you want to select for this personal money transfer rather than the "Record transfer" radio button or "Add" radio button in the Banking tab. Both records the transaction journal the same way in the bank register.
Hope this helps!
Thank you for your response! My personal checking account is not set up in QuickBooks, so it’s strange it categorized it as a transfer. How do I fix this so it can show correctly? I know have a business bank account but will still contribute personally and pay the business credit card. What is the best way to account for this going forward?
Let me share additional information in recording credit card payments, @info673.
When you connect your credit card with QuickBooks, your downloaded transactions are recorded as expenses. When recording payments for these expenses, it will be categorized as Transfer. By doing so, you'll avoid getting duplicate record. You'll have to click on that specific transaction then select the Record transfer radio button.
Here's how:
Other ways to record credit card payments are listed in this article: Record credit card payments.
Don't hesitate to add a comment if you have other questions or concerns with managing your downloaded bank transactions. I'd be happy to help you further. Wishing you and your business continued success.
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