Batched transfer between intercompany bank accounts

Good day, @SurlyBird. I'm here to guide you through the process of recording these ACH transfers in QuickBooks.

To accomplish this task, you can use the Transfer feature to accurately document these transactions within the program. Here's how:

1. Click + New.
2. Select Transfer.
3. From the Transfer Funds From drop-down list, choose the bank account that the money is coming from.
4. From the Transfer Funds To dropdown list, select the bank account that the money is going to.
5. In the Transfer Amount field, enter the amount being transferred.
6. Edit the Date field.
7. Enter a description of the transfer in the Memo field (optional).
8. Click Save and close to complete the transfer.
9. Select Yes if you double-checked the date.

Additionally, you can easily locate the recorded transfer by reviewing the account register within the chart of accounts.

Should you have any further inquiries or concerns related to QuickBooks, please don't hesitate to reach out again in the Community. I'm always available to offer assistance. Best wishes for your ongoing success.

Thank you for replying. Your answer seems to address just how to do a transfer, but I have a particular situation I'm trying to overcome.

How do I book an $850 decrease from one bank which are then deposited as four individual deposits that total $850?

Deposit #1: $200

Deposit #2: $300

Deposit #3: $250

Deposit #4: $100

Does QBO have a function for this, or is this a clearing account type of situation?

Thank you,

SG

Thank you for getting back to us, @SurlyBird.

I'm here to help you record the fund transfer from one bank to another.

Since you want to record the lumpsum amount of the withdrawal of the "From" account and split the amount in the "To" account, I recommend creating a Journal Entry. This way, you can move money between accounts. However, it is best to consult your accountant before making any changes to your account. If you don't have one, click this link: Find an accountant.

Here's how to create a Journal Entry:

1. Click the + New button.
2. Select Journal entry.
3. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. It means the accounts are in balance.
6. Enter information in the memo section to know why you made the journal entry.
7. Hit Save and new or Save and close.

For the detailed steps, refer to this article: Create journal entries in QuickBooks Online. 

You can also read this article to guide you about printing a Journal Entry report for future reference: Print a journal entry report in QuickBooks Online.

Feel free to click the Reply button below if you have questions about moving funds in QuickBooks Online. I'm always here to help. Have a great day.

@SurlyBird 

Create a journal entry like this:

That will record the one withdrawal from bank account #1 and the four separate deposits into bank account #2

Thank you kindly, Rainflurry!

Thank you, Ethel_A!

Hello SurlyBird,

I'm glad to know my colleague was able to help you with your concern about batch transfer. Please know that we're always available in this public space anytime you need assistance with QuickBooks Desktop.

You can click the Reply button below, and we'll be sure to help out. Take care.