Assigning account to a transfer transaction

@JerseyMom ,

A transfer from savings to checking only affects the balance sheet, because both bank accounts are assets. 

In general, a business would transfer an amount from savings to checking because the balance in checking isn't enough to cover upcoming expenses, then the business would pay expenses from checking at a later date.  At the point that funds are disbursed from the checking account to the vendor, the expenses are charged (or, with an accrual-based system, accounts payable is reduced).

What type of P&L account (revenue or expense) are you trying to charge?

Hello

I would like to categorize into an income category

thank you for your help

thanks for your help

I would like to record the transfer into an income category

Allow me to share a few information about the transfer transaction in QuickBooks and guide you on what to do, JerseyMom.

When you transfer money from one account to another, you're not just simply spending or receiving them. You're only moving them. Thus, categorizing the transaction to an Income account isn't possible. You'll want to categorize based on the following available options shown in QuickBooks. I've added a screenshot for your guide:

However, I also recommend reaching out to your accountant for other ways on how to do it and to keep your data more accurate. Additionally, QuickBooks categorizes and matches your bank transactions depending on the bank mode you're using. To give you more details, I've attached this article for more information: Add And Match Bank Feed Transactions In QuickBooks Desktop.

Feel free to let me know if you have any questions about categorizing transfer transactions. I'll be right here to help you anytime.