I have 4 bank accounts linked to my QBO account. I routinely transfer funds between all of these accounts. Do I need record every transfer under NEW-OTHER-TRANSFER? Or do I just make the transfer with my banking institution and wait for it to appear in my transactions to match up?
Yes, you need to record a transfer when you move money from one account to another. This is one of the best practices for ensuring that all money flows are properly recorded.
For more details, you can review this article: Transfer funds between accounts.
In addition, I've added this resource to ensure your bank transaction are placed in the correct accounts: Categorize and match online bank transactions in QuickBooks Online.
You're always welcome to add any details if you have further questions with banking. I'll be here to help you.
Following up on what @Giovann_G said...
You always want to enter all transactions when they occur. The Bank Feed is to show you what has happened at the bank (cleared) and *IF* it matches what should have happened. I wouldn't recommend you just Accept the Bank Feed to fill in the transactions.
Then your month end Reconciliation should confirm what you think you have in the bank, what the bank thinks you have and a confirmation of what checks or credit card charges have not yet cleared.
Is the transfer done with the Bank's Online Account or through QBs?
If it's done through QBs and when you do a Bank Sync (Bank Feed) the transfer is done that way, then you need to do it thought QBs first.
If you do it through the Bank's Online Banking or you actually go into the Bank Branch and do it there or via the ATM.... It doesn't matter if you put it in QBs first HOWEVER, you need to put it in QBs BEFORE you do another Bank Feed. But... If you forget and you see the entry in the Bank Feed, go enter it correctly in QBs before you go through and accept it in the Bank Feed. Once you add it in QBs, you'll see the Bank Feed transaction switch to being recognized. And if it doesn't for some reason you can manually match it. (FYI... an entry more than a week or so in the past is a typical entry that QBs will miss and you manually have to match!!) Bottom line is that it makes thing MUCH easier if entries are made in QBs before the Bank Feed.
The Bank Feed should be used to Match things that the bank shows they've done against things that are already in your Register. In theory, everything should match up. Every once in a while you'll find a typo on your part or an out and out error on the bank's side. But the nice thing is you see it right when it happens vs. waiting until you get the statement and you have to go back and figure it out.
Does that make sense?? (Too many Virtual Mtgs today so my brain in fried...)
Transferring money between different bank accounts is a common need for most people. I myself have three different banks I use for my personal and business needs, and I initiate transfers between them at least once a week. In other cases, I might be sending money to someone else, which also requires a bank to bank transfer.