Transfer funds between two connected bank accounts

I'm here to help you today, @AnOriginal.

When you transfer money from one account to another, it won't be an actual money movement. Nevertheless, you have the option to record them in QuickBooks.

Here's how:

1. Click on + New.
2. Choose Transfer.
3. In the Transfer Funds From the dropdown list, choose the bank account that the money is coming from.
4. In the Transfer Funds To dropdown list, choose the bank account that the money is going to.
5. In the Transfer Amount field, fill in the amount being transferred.
6. Change the Date field.
7. Fill in a description of the transfer in the Memo field (optional).
8. Click on Save and close or Save and new to complete the transfer.
9. Hit Yes if you confirmed the date.

By opening each account register in the Chart of Accounts, you can find the recorded transfer.

On the other hand, you can use your QuickBooks Checking account to put money in and take money out by signing up for QuickBooks Payments. 

After signing for QB Payments and if approved, you get a QuickBooks Checking account. Within 7-10 business days, you'll get your QuickBooks Debit Card in the mail.

You can follow steps 2 to 4 from this article to completely set up your payments account: Use your QuickBooks Checking account.

Just leave a reply to this thread if you need further help with banking or QuickBooks. We're always here to help you get back to business. Have a great start of the week.

Thank you for your prompt response. Based on your answer, the only way to do that is if I open a Quickbooks checking account (which I just did), have all my invoices paid to this account and then distribute funds from Quickbooks checking to various bank accounts. Is that correct?

It's our top priority to guide you on how you can record the transfer of funds from one account to another, AnOriginal.

Normally, the transfer funds function is used to record funds transfers between bank accounts and merchant accounts or bank and credit card accounts as they occur. The steps provided by @Mich_S are the correct way on how to record funds between two connected accounts in QuickBooks Online (QBO). Since you have already the QuickBooks checking account, you can use this to track your money movement. 

For more information, you can also create templates for recurring transactions. Learn more details in this article: Create Recurring Transactions In QuickBooks Online.

Fill me in if you have any other concerns about the transfer of funds. The Community is always right here to help you anytime.

Did QuickBooks ever give you an answer on this? I would be interested to know what their answer was and if it has worked out for you.