Bank Transfer between Accounts

I am having a very peculiar problem with the Imported Bank Transaction type when it comes to a simple transfer from Business Checking to Business Savings.  Maybe you can share a thought.  

I have a simple $100 transfer every month from Business Checking to Business Savings.  It has been in place for 8 years.  I am reconciling the Savings Account for 2019.  I ran the reconciliation for April and all was fine.  I mean, it's 2 whole line items, the recurring transfer and interest from the bank.  There's nothing to it.  BUT, the May reconciliation failed.  It was off by exactly $100, the automatic recurring transfer.  (for reference I have my bank integrated to my QB Online and this transfer comes from the bank feed) 

I cannot discern a difference between the April line items and the May line items.  They appear exactly identical.  I don't know why but there are 3 transactions for each month.  None of these have been manually created by me.  One is the interest from the bank.  It records as type Deposit.  Simple.  One is the Type "Transfer" it shows the $100 from Business Checking to Business Savings.  Again, simple.  But, there's a 3rd transaction. 

I am looking at the Register for Business Savings.  The 3rd transaction is type "Expense".  It is $100, on the same date (first of the month) as the Transfer transaction.  There are 2 differences between the "Expense" transaction and the "Transfer" transaction.  The differences are . . . 1) in the check mark column which "Indicates whether a transaction was added or matched in the account's bank feed", for the Transfer  transaction there's a little green icon which says, "Manually added from bank feeds".  For the Expense transaction there is nothing.  2) The balance of the Business Savings is different because each time it incremented by $100.  That's IT!!!

What is especially troubling for me is that, the account had identical transactions the month prior.  The 3 line items (Transfer from Checking to Savings, Expense assigned to Business Checking, and the interest Deposit).  But the April transaction reconciled and the May don't because they are off by $100. Arrrrgh!!!!

What is going on?  Any thoughts?

I'm having the same issue with some of the transfers from checking account to CC account.  The amount shows up as being deducted from the checking account but doesn't show up as a transfer payment to the credit card account??  this only happens now and again, but is certainly frustrating.  Have you been able to find out a solution?

Thanks.

I'm having the same issue.  Did you ever figure out a solution the problem?   Thanks

Hi there, @jenmarie. Thanks for joining the thread.

I'm here to lend a hand about your bank transfer concern. 

If you mean to say that the payment transfer for the credit card is not showing up in your QuickBooks Online (QBO) register, then I recommend checking the checking account register and verify what's the account selected when doing a transfer. Make sure it accounts to the correct credit card account. 

However, if you mean that the payment transfer for the credit card is not showing up on your credit card bank statement, then I recommend contacting the financial institution as to why it's not yet posting. 

For more information about transferring funds, here's a great resource that you can visit:

• Transfer funds from a bank to a credit card account
• Transfer funds between accounts

Get back to me here if you have further questions about the information above. I'd be more than happy to answer it for you. Have a nice day. 

I am having this issue to after using the Transfer feature successfully for years. The transfer shows up in the "from" account but does not show up in the "to" account or vice versa. This seems to affect only one bank account. Unfortunately, it is my main checking account. I have checked the entered date and accounts to be sure everything is directed to the correct account but the funds don't show up! Please help!

Hi there, @Pesciolino8.

Let's find out why the money isn't transferred to another account,

I'll be glad to know how you made the bank transfer in QuickBooks Online (QBO). Meanwhile, there are four ways to record a bank transfer in QBO:

• Transfer
• Check
• Imported Bank Transaction
• Journal Entry

If you're using one of these methods, the transaction will show up to the other account on your register.

You can run the Transaction Detail by Account report to show the bank transfer using the Transfer feature in QuickBooks. It will tell you how the process affects your bank account.

I've added this article for additional resources: Learn how to record a funds transfer between two accounts.

You can also clear the browser's cache and cookies to isolate this behavior. It could be a browser-related issue. You'll want to refresh website preferences that might not allow you to see the transaction to the other account when you use QuickBooks.

I'll keep this post while waiting for your response. Thank you and stay safe!

I am not using QuickBooks online. I use the QuickBooks Pro 2020 desktop version. I use the transfer window under banking. I have been doing it for years and years and have never had this problem. What happens is it shows up in the register from which it was deducted but it does not show up in the register into which it was transferred. If I run a transfer report from the report center, 

it does show up there. The same thing happens in the opposite direction when using that same register that doesn’t show the transfer. Therefore I think it has to do with that one account within the company. Unfortunately it is my main checking account!

I do not use QuickBooks online. I use QuickBooks Pro 2020 desktop version. I use the transfer window under banking. I have been using this same function for years and years and years and never had this problem. What happens is it shows up coming out of one register but it doesn’t show up going into the intended register. I am double check dates to make sure it is 2020 as I’m working on last year’s deposits and transfers making sure it does not say 2021. I’ve also double checked to be sure I’m transferring between  the correct accounts. If I run a transfer report from the report center it does show up there. But I need it to show up in the register so that it will show up in a P & L

The same problem in reverse happens with the same register. Or example when I transfer out of that account using the transfer window, I go back to the register and it does not show up there but it does show up in the register for the account which I transfer the money to. Very strange

Also, it’s not a browser issue.  I worked on a computer at home with a fresh back up from this morning that I had run at my office. I later checked my office version by running a test transfer and had the same problem. 

Hi there, @Pesciolino8.

Thank you for getting back and sharing additional details about the issue when recording bank transfer. I can help you with posting the amounts to your register correctly.

If this account is not connected to online banking, you can isolate the issue by creating a new account from the Chart of Accounts. Then, open the account in question and update the account name the same as the new one. This way, you can merge the two accounts with the existing transactions.

Here's how:

1. From the Chart of Account, click on the drop-down arrow under Account, then select New.
2. Choose Bank, then Continue.
3. Enter the new account's details, then click on Save and Close.

Once routed to the Chart of Accounts window, follow these steps to merge the accounts:

1. Locate your main checking account, then right-click and select EditAccount.
2. Rename the account (the same as the new one).
3. Tap on Save and Close, then click Yes to confirm the action.

From there, redo the bank transfer transactions using the updated account.

On the other hand, if this account is connected to online banking, I suggest connecting with our Support Team. This way, a representative can check this behavior securely and review your account's register.

For more tips about managing accounts in QuickBooks Desktop, I recommend checking out these links: 

• Create, edit, or delete an account in QuickBooks Desktop
• Merge list entries in QuickBooks Desktop

If you need additional help with your checking account, please let me know by adding a comment below. I'm always here to help. Have a good day!

Interesting... I’d thought of trying something like that. I’ll give it a whirl in the Am. Thank you!

MaryAnn_E:

This worked like a charm. The transfers even showed up automatically in the "new" account with no need to reenter them.  THANK YOU SO MUCH!

MaryAnn_E:

This worked like a charm. I didn't even have to reenter the transfers as theY showed up automatically in the "new" account. THANK YOU SO MUCH!

Hey Pesciolino8,

I am so happy that everything worked out for you! Please do not hesitate to reach out to us anytime you need help. This is why we are here! I hope you enjoy the rest of your day!

How do you record a bank transfer when there is purposely one bank account listed in QB chart of accounts?

Good afternoon, @daphne-missjessi.

Thanks for following the thread. I hope you're enjoying your Friday so far. I'm happy to lend a hand with your bank transfer. 

In QuickBooks Desktop, you can transfer funds between accounts as easily as 1, 2, 3. I've included some steps below to do this. 

1. From the Banking menu, click on Transfer Funds. 
   • 
2. In the Transfer funds from dropdown, choose which account you wish to move the funds from. 
3. From the Transfer funds to dropdown, pick the account you need to move the funds to. 
   • 
4. Enter the Amount and Date. 
5. Hit Save and Close. 

That should do it! Should you have other questions about transferring funds in QuickBooks Desktop, please let me know how I can help. Take care and feel free to reach out to the Community at any time! 

I have a unique problem.  I have a transfer that left one account on 10/31, but didn't post on the other account until 11/2.  Is there a way to record a transfer with two different dates so that I am able to reconcile each account for the different months?  Any recommendations on how to solve this issue?

Hi there, mking22.

You can only use one date when recording a bank transfer in QuickBooks Desktop. You might need to create a journal entry in the other account that represents the transfer. Then, use the journal entry when reconciling the account. 

Here's how to create a journal entry:

1. Go to the Company menu and click Make General Journal Entries.
2. Fill out the fields to create your journal entry. You may also need to reach out to your accountant to make sure you're using the right accounts.
3. Click Save or Save & Close.

Let me also share these articles for more info and additional guidance as well:

• Get Reports for Previous Reconciliations in QuickBooks Desktop
• Fix Issues When You're Reconciling in QuickBooks Desktop

Don't hesitate to reach out to us again if you need anything else. We're always here to help. 

Hi please I need help to make a transfer I tried to added money to my quick books account please help 

Help 

Hello there, Anthony1168.

Making a transfer can be done by going to the Banking page and clicking Transfer Funds. For complete instruction on how to do this, you can refer to ToriB's answer above.

Feel free to browse this link here if you need help with other tasks in QBDT. It'll route you to our general topics with articles. 

Should you have other questions about making transfers in QuickBooks, feel free to leave a post below. I'm always here to help.

Will this transfer show up when you go to reconcile both bank accounts?

What about transfer of money between two chart of account line items?  Same bank account, but just transferring funds to where it should be accounted for...you do not use this method do you?  I am a newbie to QB and get very confused on this, as we have multiple bank accounts, and we are moving money around inside those accounts too.