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Join nowGreetings,
My client erroneously made four ACH transfers - in one day - from one company checking account to another:
1) $200
2) $300
3) $250
4) $100
Total: $850
The "from" bank initiated the ACH transfer by withdrawing one lump sum of $850. The amounts were then individually deposited in the "to" account as 4 separate transactions. There are no receivables associated with these amounts, we just need to record this activity as transfers of funds from one company account to another.
I am having a heck of a time figuring out how to record all this activity. Would appreciate anyone's help and expertise!
Thank you,
SG
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:
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:
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.
Create a journal entry like this:
Debit | Credit | |
Bank Account #2 | 200.00 | |
Bank Account #2 | 300.00 | |
Bank Account #2 | 250.00 | |
Bank Account #2 | 100.00 | |
Bank Account #1 | 850.00 |
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.
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