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healingfromfoods
Level 1

Recording Switching Bank Accounts in QBO

I switched banks recently and I am trying to record it properly in QBO. I withdrew from two accounts at my original bank (both already connected in QBO) and opened a new account depositing the total. I have tried matching the withdrawals from the original bank accounts to the deposit in the new bank account as instructed on a different post. But instead of the transactions matching and balancing out as I would expect, it adds the matched transaction to the amount QBO says I have in the new bank account, which is incorrect. 

 

Can anyone help? 

 

1 Comment 1
Archie_B
QuickBooks Team

Recording Switching Bank Accounts in QBO

Hello, there, healingfromfoods.
 

I understand the challenge you're facing in trying to match two withdrawals from the original accounts to a single deposit in the new bank account. I'd be happy to share some insights and guide you through the process of recording these types of transactions in QuickBooks Online.


When you transfer money from one account to another, you must record the transaction in QuickBooks as a transfer. To keep your books in order, enter the transfer as a single transaction affecting both accounts. Here's how:

 

  1. Click on + New.
  2. Select Transfer.
  3. From the Transfer Funds From dropdown list, choose the bank account that the money is coming from.
  4. From the Transfer Funds To dropdown list, choose 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 on Save and close or Save and new to complete the transfer.
  9. Hit Yes if you double-checked the date.

 

I'm adding this article for more information about the process: Transfer funds between accounts.

 

You can also check each account register in the chart of accounts to find the recorded transfer.

 

Feel free to leave any follow-up questions and concerns about banking. I'll be here to assist you anytime. Have a great day!

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