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Transferring funds between bank accounts

I have been using Quikbooks since 2010 and this just started happening. It has, however, gone back and changed every transfer I have made between two accounts since 2010. When I transfer from savings to checking it takes it out of the savings okay but the checking shows an entry for deposit and a payment. When I transfer from checking to savings it goes to savings okay but it shows a deposit and a payment in the checking register. This just started happening in the last few days. When I reconciled two weeks ago all was well. The savings account is correct and the balance of the checking is almost exactly what the total of the checking and the savings should be. Enclosed are two attachments showing the two accounts on my books. I am not connected online with the bank.

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Best answer 12-10-2018

Accepted Solutions
Established Community Backer ***

It sounds like maybe your savings account is a sub accoun...

It sounds like maybe your savings account is a sub account of your checking account.

7 Comments
Established Community Backer ***

It sounds like maybe your savings account is a sub accoun...

It sounds like maybe your savings account is a sub account of your checking account.

Established Community Backer ***

If that is the case, in the chart of accounts window drag...

If that is the case, in the chart of accounts window drag the savings account to the left to move it back to the "top" level. You may have to move it slightly up, too, until it "catches".
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Thank you this solved my problem as well!!

Thank you this solved my problem as well!!
Experienced Member

Re: It sounds like maybe your savings account is a sub accoun...

No. I am going to a different bank entirely because I have been unhappy with the service. I wrote a check to me from my business checking account, the one I will be leaving,  and deposited it in the new business checking account to open up the new business checking account in the different bank.  There are no savings accounts, personal or otherwise involved. 

QuickBooks Team

Re: It sounds like maybe your savings account is a sub accoun...

Greetings, nyla.


Thanks for dropping by the QuickBooks Community. Helping out with recording the check to the new business checking account is my priority.


Based on the information provided, you’ll have to transfer the transaction from the old bank to the new account to track it. If you haven't created it yet, I suggest following the steps in this article and proceed directly to the To create a new account section: Create, edit or delete account in QuickBooks.

 

Once done, let's go ahead and input the check. I’ll guide you through the process.


Here’s how:

 

  1. Go to Banking at the top menu bar, then select Transfer Funds.
  2. Enter the correct date in the Date field.
  3. Click on the Transfer Funds From drop-down, then select the bank to transfer funds from.
  4. Click on the Transfer Funds To drop-down, then select the bank where you want to post the check.
  5. Enter the amount in the Transfer Amount field.
  6. Click on Save & Close.

I'm attaching screenshots for visual reference:

 

transfer1.png transfer2.png

You should now be able to use the new business checking to input the check.

 

Stay in touch if you additional questions about recording transactions in QuickBooks. Please know I'm just a comment away. Have a good one.

 

Experienced Member

Re: It sounds like maybe your savings account is a sub accoun...

Rasa-LilaM, your explanation was great. But do you know of any way to print that Transfer Funds window? I can go to transactions and get a General Ledger report, but I'd really like to just print the Transfer Funds transaction so I can attach it to the bank's deposit report. So I have proof that the transfer was recorded in QB.

QuickBooks Team

Re: It sounds like maybe your savings account is a sub accoun...

Welcome back to the Intuit Community, @PattyK2.


Based on the details, it looks like this is a duplicate post. I already answered this question, and let me guide you to the original link.

 

https://quickbooks.intuit.com/learn-support/en-us/account-management/how-do-i-create-a-report-that-s....

 

I also recommend you visit the Firm of the Future site to learn what new updates are being rolled out, as well as additional references while working with QuickBooks.

 

After following the workaround steps, you can now print the transaction and attach it to the bank deposit report. 


If you have any clarifications or questions, let me know by posting a comment below. I’ll jump right back in to help further. Have a great rest of your day.