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Bullseye37
Level 2

Moving money from savings back into checking. How to account so it is not new funds?

Moving money from savings back into checking.  How to i name this so my register does not think I am adding new funds?

5 Comments 5
katherinejoyceO
QuickBooks Team

Moving money from savings back into checking. How to account so it is not new funds?

Hello there, @Bullseye37

 

Thanks for asking us today in the Community. I'm here to guide you in moving funds back into your checking account. 

 

We can set up a clearing account to move money from one account to another. This way, it won't reflect as new funds. 

 

Here's how:

 

  1. Go to the Lists menu, then choose Chart of Accounts.
  2. Right-click anywhere on the Chart of Accounts page, then select New.
  3. In the Add New Account window, select the Bank radio button and hit Continue.
  4. In the Account Name field, enter ClearingBarter, or Wash Account.
  5. Do NOT enter an opening balance, then click Save & Close.

 

Once done, create a journal entry to use the clearing account. You may also follow the thorough steps of this process:  Set up a clearing account

 

Let me know if you have any other questions. I'll be here to help some more.

 

Bullseye37
Level 2

Moving money from savings back into checking. How to account so it is not new funds?

HELLO, I created the WASH ACCOUNT.  Now when I have downloaded new bank transactions from my bank, and I go to TELL QUICKBOOKS HOW TO HANDLE THIS TRANSACTION. What do I do to add it to my active register?

JasroV
QuickBooks Team

Moving money from savings back into checking. How to account so it is not new funds?

I appreciate for sharing an update with us, @Bullseye37.

 

You did a fantastic job setting up a wash account. Your next step is to select an account so you can add your bank transactions to your active register. I'll show you how.

 

  1. Go to the Banking menu in your QuickBooks Desktop (QBDT).
  2. Select Bank Feeds, then Import Web Connect Files.
  3. Click the QBO file you saved, then select Open.
  4. When prompted to Select Bank Account, select Use an existing QuickBooks account.
  5. Select Continue, then OK.
  6. Go to the Bank Feeds Center to review your transactions.

 

You can find more details about this in this article: Set up bank accounts for Bank Feeds in QuickBooks Desktop

 

If your bank is connected online, you'll need to match and categorize them before they can be uploaded to your bank register.

 

Once you've got everything set up, you might want to have a look at this link that can help you reconcile your accounts seamlessly: Reconcile an account in QuickBooks Desktop.

 

If you need further assistance uploading your transactions or with your QBDT account, you can always tag me in your reply. I’ll be here ready to help you any time. Have a great day ahead!

Bullseye37
Level 2

Moving money from savings back into checking. How to account so it is not new funds?

Is the QBO file in my documents on my PC?  It opens documents when I click on IMPORT WEB CONNECT FILES.  Shows all my document folders. There is a QB folder that is empty, there is an Intuit folder that has 3 files in it.

katherinejoyceO
QuickBooks Team

Moving money from savings back into checking. How to account so it is not new funds?

When you download the Web Connect file from the financial institution, it is saved in the folder you selected or on your default file.

 

If your default file is the My Document, then it should be there. Please note that this file will have a .qbo file extension.

 

 If your QBO file fails to import, it may be formatted incorrectly. You'll want to contact your Financial Institution to report the issue.

 

For further insights, you can check out this article to know more ways on setting up a bank account and connecting it to Bank Feeds in QuickBooks Desktop. 

 

Let me know if you have any other concerns. I'll be here to guide you some more.

 

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