Record an incoming cash transfer from external account not tracked in QB

Hello there, ZRaza. You can consider using the Bank deposit feature of the program to record the inflow of cash and for the external account, you can refer to an accountant for guidance. I'm here to guide you through the steps.

Here’s how you can record the incoming cash transfer:

1. Go to +New and select Bank deposit.
2. In the Account dropdown, select the bank account to which you want to add the funds.
3. Scroll down and navigate to the Add funds to this deposit section, identify the source of the funds in the RECEIVED FROM column, choosing either a Vendor or Customer. You also have the option to add a new entity.
4. Consult with your accountant to decide which account to use for the ACCOUNT column.
5. Utilize the DESCRIPTION column to note what the deposit is for, ensuring clarity and traceability.
6. Fill in all other necessary information.
7. Once done, click Save and close.

Please refer to this article for more details of the deposit process: Record and make bank deposits in QuickBooks Online.

Moreover, to enhance your QuickBooks experience, consider collaborating with our QuickBooks Live Expert Assisted team. These financial professionals specialize in streamlining processes and providing tailored advice to meet your business's unique needs.

Additionally, ensure to reconcile your accounts regularly to keep them accurate and up-to-date.

If you have other questions or need further assistance with the process, our Community forum is available 24/7, ZRaza. Wishing you a productive day ahead.

I have recorded it as a partner's equity account, and wanted to confirm this makes the most sense. Thank you!!

We set up an external account transfer from bank A. Bank A transferred $.05 money into Bank B without using funds from bank A account. How would you account for the amount transferred into bank B.

Thanks for getting involved with this thread, slowlearner2. I appreciate your detailed information.

To properly identify how you would account for an amount you transferred from one account to another, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:
 

1. Go to our Find a ProAdvisor page.
2. Use the City or ZIP search field to specify a location.
3. Select Find a ProAdvisor.
4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.
   
   

Once you've found an accountant, they can be contacted through their Send a message form.

I've also included a detailed resource about working with transfers which may come in handy moving forward: Transfer funds between accounts

I'll be here to help if there's any additional questions. Have a wonderful Wednesday!