I have two connected bank accounts in Quickbooks online. I need to transfer actual funds from one connected bank account to another connected bank account. The money has to be physically deposited from one bank account to another. Can this be done? I can only find help to record the transaction but can't find how to just transfer actual funds from one account to another. I do this in PayPal all the time, but I want to be able to do this in Quickbooks online now that my actual bank accounts are connected to my one Quickbooks account.
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.
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.