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When transferring money from an investment account to my business checking account how do i record the deposit

 
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Best answer 12-10-2018

Accepted Solutions
QuickBooks Team

Welcome to the Community, edgardnerphotos. Let me help yo...

Welcome to the Community, edgardnerphotos.

Let me help you record the deposit when transferring money from your investment account to the business checking account.

You'll just need to record the transaction as Transfer Funds in QuickBooks. Before doing so, I would also suggest consulting an accountant to verify if that's the best route we can take and to ensure that your books are accurate.

Here's how:

  1. Click the Banking menu from the QuickBooks menu panel.
  2. Choose Transfer Funds on the drop down selection.
  3. Select the account you want to transfer the funds from (Investment account).
  4. Select the account you want to transfer the funds to (Business Checking account).
  5. Enter the desired amount you want to be transferred.
  6. Click Save & Close button.

I've attached a screenshot for you.

Please stay in touch with me if there's anything else I can help you with. I'd be more than happy to help.

7 Comments
QuickBooks Team

Welcome to the Community, edgardnerphotos. Let me help yo...

Welcome to the Community, edgardnerphotos.

Let me help you record the deposit when transferring money from your investment account to the business checking account.

You'll just need to record the transaction as Transfer Funds in QuickBooks. Before doing so, I would also suggest consulting an accountant to verify if that's the best route we can take and to ensure that your books are accurate.

Here's how:

  1. Click the Banking menu from the QuickBooks menu panel.
  2. Choose Transfer Funds on the drop down selection.
  3. Select the account you want to transfer the funds from (Investment account).
  4. Select the account you want to transfer the funds to (Business Checking account).
  5. Enter the desired amount you want to be transferred.
  6. Click Save & Close button.

I've attached a screenshot for you.

Please stay in touch with me if there's anything else I can help you with. I'd be more than happy to help.

Not applicable

Re: When transferring money from an investment account to my business checking account how do i record the deposit

I did follow all those steps.  I use Classifications.  I Classified the $80k transferred from my investment account to my checking account (the 'class' is "Grants Reception".... however, when I create my month-end profit and loss report as well as my balance sheet, the $80,000 isn't reflected at all.  

 

The funds are in my check register.... we did reconcile 2/28, but why can't I see the $80k on my reports?

Moderator

Re: When transferring money from an investment account to my business checking account how do i r...

Hello cmay,

 

After recording the transfer fund in QuickBooks, it should show in all financial reports. Have you tried updating the report period of this report to this year to see if the $80,000 amount will show? 

 

If it still doesn't show up, let's go ahead and run the Verify and Rebuild Data Tool. It helps to restore any damage data file that's causing this amount not to show in the reports. Before performing anything, let's make sure that to save a backup copy of your company file. Then, please follow these steps:

  1. To run the Verify Data tool: choose File, select Utilities, and click on Verify Data.
  2. To run the Rebuild Data tool: choose File, select Utilities, and click on Rebuild Data.

Once done, run any reports again. I'll be glad to help if you need anything else. 

Not applicable

Re: Welcome to the Community, edgardnerphotos. Let me help yo...

I am treasurer of non-profit church which has investment account with dividends and interest transferred to checking account. Problem is that I believe the dividends and interest have to be entered into investment account in order to transfer amount when transfer is performed. I can reconcile investment account with statement but end result is the investment account register is incorrect for the amount of the dividends and interest deposits. The difference is the amount of the uncleared deposits of dividends and interest which do not actually get recorded in investment account summary used to reconcile account.
Not applicable

Re: Welcome to the Community, edgardnerphotos. Let me help yo...

I received an email and checked it out but all I see is above. Let me help yo...

So how does this work?  I had expected a reply to my question.

edgardnerphotos welcomed to the Community.  But now what???

Not applicable

Re: When transferring money from an investment account to my business checking account how do i record the deposit

This has never been resolved so don't know why it says "Solved"/

Not applicable

Re: Welcome to the Community, edgardnerphotos. Let me help yo...

That part I have done; however, don't you have to have entered the dividends and interest into the investment account first?  The statement from financial business gives the dividends and interest received but doesn't have it figured in the summary page of the statement.  I can reconcile the account but the QB register is incorrect by the amount of the deposits not cleared.  When we first started doing it everything was fine,  But as time went by and entering the dividends and interest they didn't clear the deposits because of the timing of the transfers differed from when received.  Transfers always include end of one month and approx. 1/2 of the next month.  

The Register for investment acount in QB is off by the amount of the uncleared deposits.

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