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Transfers between accounts in QuickBooks Self-Employed

SOLVEDby QuickBooksQuickBooks Self-Employed11Updated 4 days ago

Sometimes it might look like the same transaction appears twice in the app. Here are a few examples.

  1. Moving money between accounts: When you move money between your checking and savings accounts, you will see an expense, which is the money leaving your checking account, and an income transaction, which is that same money being deposited to your savings. Both should be marked as Transfers.
  2. Income to connected accounts: Suppose you have both a PayPal and a checking account connected to the app. If a client pays you $500 via PayPal, you'll see that income in your connected PayPal account. Then, if you move that $500 to your checking account, you'll see the $500 in income again there. The PayPal transaction should be marked as Business Income, and the checking account transactions should be marked as a Transfer. That's because you received the income in PayPal and simply moved that same money.

If you find that a transaction is not marked correctly and is double-counted, you can change the category manually. You can also create a rule to tell our system to always mark transactions like these as Transfers.

For Etsy users:

When you receive income from Etsy, we'll categorize the Etsy transaction as Business Income, and when it gets deposited into your bank account, we'll mark it as a Transfer. This transfer won't be counted in your income. If you find that a transaction is double-counted, you can change the category manually. You can also create a rule to tell our system to always exclude these transactions from your reports.

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