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landa0901
Level 1

What do I do about transfers from old accounts?

I cleaned up my checking accounts with my bank and now I have old transfers going out or depositing.  Should I just exclude these transactions? 

Solved
Best answer February 08, 2021

Best Answers
MaryLurleenM
Moderator

What do I do about transfers from old accounts?

Yes, you can exclude these transactions, landa0901.

 

We exclude transactions that are duplicates or unnecessary to avoid them from being added to your QuickBooks register. They might cause the balances to be incorrect.

 

The Exclude Selected option can be found under Batch actions from your Banking tab. Here's how:

  1. Click Banking on the left pane.
  2. Select Banking tab.
  3. Check the box beside the transactions you want to exclude.
  4. Click the Batch actions drop-down and choose Exclude Selected.

I've got a great article for you that provides additional details on excluding transactions. You can view it by clicking this link: How to exclude expenses from downloaded bank transactions?

 

Please know that you're always welcome to post if you have any other questions about the bank transactions.

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3 Comments 3
MaryLurleenM
Moderator

What do I do about transfers from old accounts?

Yes, you can exclude these transactions, landa0901.

 

We exclude transactions that are duplicates or unnecessary to avoid them from being added to your QuickBooks register. They might cause the balances to be incorrect.

 

The Exclude Selected option can be found under Batch actions from your Banking tab. Here's how:

  1. Click Banking on the left pane.
  2. Select Banking tab.
  3. Check the box beside the transactions you want to exclude.
  4. Click the Batch actions drop-down and choose Exclude Selected.

I've got a great article for you that provides additional details on excluding transactions. You can view it by clicking this link: How to exclude expenses from downloaded bank transactions?

 

Please know that you're always welcome to post if you have any other questions about the bank transactions.

landa0901
Level 1

What do I do about transfers from old accounts?

So, if I exclude these transactions.. then it also messes up the balance of the account.   I deleted other accounts in my bank and they tossed these transfers into my savings account.  So, now if I include them... it will mess up my savings balance.    At the moment, my checking has 30 transactions unconfirmed because they were transfers to accounts that do not exist anymore.  

ShiellaGraceA
QuickBooks Team

What do I do about transfers from old accounts?

Thanks for getting back to us here, @landa0901.

 

I have some information about your transferred transactions. The exclude option will apply to your downloaded transactions in the banking section. If the transferred transactions were already in your register, you'll want to create a temporary or dummy account. This way, you can move these transactions so your savings account will be accurate.

 

To create a new account:

  1. Go to Accounting, then select Chart of Accounts.
  2. Hit New at the top. Enter the account information.
  3. Click Save and Close.

 

Also, I recommend consulting with an accountant to make sure you're recording your bank accounts accordingly.

 

If you need help with other tasks in QBO, you can browse for specific topics here and look for responses that fit your concern.

 

Don't hesitate to reach out to me if you still have questions or concerns with bank accounts. I'm always here to help. Take care and have a great day ahead.

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