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esneider
Level 1

I would like to make a transfer between my business checking account (Bank A) to my business savings account (Bank B). How do I classify this transaction on my books?

 
1 Comment 1
RenjolynC
QuickBooks Team

I would like to make a transfer between my business checking account (Bank A) to my business savings account (Bank B). How do I classify this transaction on my books?

Hi there, esneider.

 

In QuickBooks Online, you can use the Transfer option to transfer funds between accounts. 

 

Here's how: 

 

  1. On the left panel, select + New > Transfer.
  2. Select the checking account (Bank A) from the Transfer Funds From drop down list.
  3. Choose the savings account from the Transfer Funds To drop down menu.
  4. Enter the amount being transferred in the Transfer Amount field. 
  5. Select the Date and the Memo (Optional).
  6. Hit the Save and close button.

Once done, you can create a check to record the transfer of funds. Then, match both transactions. For more details, check out this article: Transfer funds between accounts.

 

Please don't hesitate to reach out to me if you need anything else. Take care.

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