When you transfer money between a business account checking and savings are both transactions considered a transfer or is one considered a a transfer and the other a deposit?

I thought Texas Foodie was asking my question.  How do characterize the transaction when I transfer idle funds from business checking to business saving?  My Quickbooks doesn't seem to offer me a way to make that transaction a "transfer", it just records the downloaded transaction as another deposit.

Thanks for joining the thread, @CoronelS.

I'm here to help you locate the transfer option when categorizing your bank transaction.

Your browser's cache might be the reason why nothing happens when you try to select the transfer category.

Let's start by opening your account in a private or incognito window. This mode doesn't keep track of your searches. You can use the keyboard shortcuts below: 

• Google Chrome: Ctrl + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Safari: Command + Option + P

Here's how you can categorize a money transfer in QBSE:

1. Go to the Transactions menu.
2. Find a transaction on the list.
3. Select Business if the transaction was for business, or select Personal for personal. If the transaction was both, select Split.
4. Review the category in the Category column. QuickBooks tries to categorize transactions for you.
5. If you need to change the category, select the category link. Select a general type, and choose a more detailed category.

.

I'm adding some links on how to customize categories and updates to expense categories for your reference:

• Custom categories in QuickBooks Self-Employed
• Updates to expense categories in QuickBooks Self-Employed

If you have any follow-up questions about the transfer option, please let me know by adding a comment below. I'm more than happy to help. Keep safe!

Abegail,

I have Quickbooks Desktop Pro Plus 2021.  I have business checking and banking accounts linked, both from the very same bank.  Every time I transfer idle funds from the checking account to the savings account, my QB characterizes it as another deposit rather than as a transfer of an existing asset.  Most frustrating, as I used to do this routinely with no problem in Quicken.

John

Hi, John. 

I’m here to share some details on how QuickBooks Desktop works. 

QuickBooks Desktop works differently from Quicken. This is the reason why you may see different results when performing tasks between the two programs.

Actually, both banks should show as Transfer.  At this time, I recommend performing Verify and Rebuild data in your QuickBooks Desktop. It might be that there's a damaged data that's causing the transfer to show as a deposit. This will fix fatal and minor company file issues.

Here’s how:

1. Go to the File menu.
2. Then, select Utilities and click Rebuild Data.
3. Select OK on the pop-up window. You also have to choose the location to save a backup copy of your company file.
4. It may take a few minutes to rebuild your data but once completed, a pop-up window will appear to View Results.

Once done, verify your data.

1. Go back to the File menu.
2. Select  Utilities and click Verify Data.
3. Let the tool check your file for data issues.
4. If QuickBooks finds an issue with your company file, select Rebuild Now.

If the issue persists, I recommend reaching out to our Customer Care Team. This way, they can check your account securely and perform a screen-sharing session to resolve this issue.

1. Open QuickBooks.
2. Go to Help, then select QuickBooks Desktop Help.
3. Select Contact Us.
4. Give a brief description of your issue, then select Let's talk, and then choose a way to connect. Phone support may be limited due to volume.

Please check out our support hours and contact us at a time convenient: Support hours and types.

You can also check this article for more details in case you encounter issues with QuickBooks Desktop: Fix common problems and errors in QuickBooks.

  Stay in touch if you need additional information about this by commenting below. I'll be right here to help you. 

Hello,

I am also having a similar issue with QuickBooks Self-Employed.  Made 4 separate transfers between a business checking and a personal savings account. (All 4 should look exactly the same to QBSE.  Same account #s, etc ....   just differing $ amounts.) 

However, 3 of the transfers were brought in as expenses and 1 was brought in as a transfer.  All 4 are technically transfers and I hope to categorize that way. 

Is there a way to recategorize the 3 as transfers?

Thanks for the help!

Hello there, @texasfoodie.

Yes, you can recategorize a transaction in your QuickBooks Self-employed account. No worries, I'll be giving you the steps to do it.

Here's how:

1. From the left menu, click Transactions.
2. Find the transaction on the list.
3. Choose the Business account if the transaction was for business, or select Personal for personal. For the transaction for both, choose Split.
4. Review the category in the Category column. 
5. To change the category, select the category link. Choose a general type, and choose a more detailed categorization.
6. Click Save.

Refer to this article for more information about the process: Categorize transactions in QuickBooks Self-Employed.

I'm also adding this article you can check in the future to categorize money transfers in QuickBooks Self-Employed: Categorize money transfers in QuickBooks Self-Employed.

 Stay in touch if you need additional information about recategorizing transactions. I'll be right here to help you.

I will try this, but I'm not particularly optimistic.  It seems a little like the Microsoft solution of reboot and then reformat in case that didn't work.  Assuming that you meant "bank accounts should show" when you wrote "banks should show", I'm guessing that this problem and its resolution must already exist within Intuit's corporate knowledge.  So, I'll try it.  When my bank upgraded its automation last year, I could no longer automatically download information from it, rather I had to download both business checking and savings data at regular intervals.

I did all that.  There was no discernible change.  I just made this observation on a related message thread:

What a frustrating wild goose chase I've been on trying to isolate why my QDTP bank feed records transfers between two of my accounts at the same bank as unrelated, original bank deposits and check payments.  This obviously distorts the P&L reports for net expenses and earnings.  My bank transfers are meant to manage cash flow, and maximize interest earnings.  My Quicken program seems to have been more sophisticated about not interpreting transfers to be payments and deposits, and I really miss it!

I had high hopes that the user community could help me identify how to work around the problem, but so far the problem has been misunderstood by the few good-hearted users trying to assist.  I wonder if having to do my QDTP bank feed separately by account is the heart of my problem.  Quicken used to accept bank feeds collectively by banking institution, and my multiple account transfers were always managed correctly.

Last plea to support team or knowledgeable users before I hang up my spurs on Quicken.

Did this ever get solved because I'm having the same problem. I've been trying to figure this out for the longest time and the only way I can see out of this is removing my second business account and just inputting the information manually. 

Hi @tagee1,

I appreciate you for reaching out to us here in the Community. Allow me to chime in and share some information about transferring funds between accounts in QuickBooks.

The QuickBooks product of the user who initiated the thread is QuickBooks Self-Employed. I recommend categorizing downloaded transactions as Transfers manually in this version (see screenshot below).

Also, there are three categories you can use for transfers too. You can either use Owner's Deposit, Owner's withdrawal, or Credit Card Payment.

My colleague above shared some helpful information about categorizing money transfers. In case you're unable to locate it, here's the link: Categorize money transfers in QuickBooks Self-Employed.

I've also attached an article you can use to learn more about moving money between accounts and how to income to connected accounts in QuickBooks: Transfers between accounts in QuickBooks Self-Employed.

Feel free to hit that Reply button if you have more questions concerning the downloaded banking data or categorizing transactions. Have a great day ahead. 

In ledger what am I going to classify it to payable and receivable ?

Hi what if your sending money from your buisness savings account that’s with the same bank into your buisness current account is that still called a transfer when it’s coming into the same account is started with?

Hello there, Katie mckinley.

Yes, it's still called a Transfer. A transfer involves the movement of funds or the possibility of assigning new ownership.

You can check these articles for more information about moving money: 

• Transfers between accounts in QuickBooks Self-Employed
•  Categorize money transfers in QuickBooks Self-Employed

I'll be around whenever you have other concerns. I'll be around to guide you!