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Transfer funds between accounts

SOLVEDby QuickBooks2683Updated 3 weeks ago

Learn how to record a transfer between two accounts in QuickBooks Online.

When you move money from one account to another, you'll need to record the transaction as a transfer in QuickBooks. To keep your books in good shape, you should enter the transfer as a single transaction that affects both accounts. We’ll show you how to record transfers and best practices to avoid mistakes.

Tip: For personalized steps, sign in to QuickBooks Online. Then, refresh this page.

You can transfer funds between two accounts using any of the following methods:

Record a new transfer

If you haven’t imported the transaction from your bank yet, here’s how to record a money transfer directly in QuickBooks:

  1. Select + New.
  2. Select Transfer.
  3. From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
  4. From the Transfer Funds To dropdown list, select the bank account that the money is going to.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date field.
  7. Enter a description of the transfer in the Memo field (optional).
  8. Select Save and close or Save and new to complete the transfer.
  9. Select Yes if you double checked the date.

You can find the recorded transfer by checking each account register in the chart of accounts.

Record a transfer by check

If you used a physical check to transfer funds, here's how to record the transfer and the check number:

  1. Select + New.
  2. Select Check.
  3. Enter the check as you normally would, including the check number.
  4. From the Bank Account field, select the account the funds are coming out of.
  5. From the Category column, select the account the funds are going into.
  6. Select Save and new or Save and close to record the check.

Match a transfer in your imported bank transactions

Once you've downloaded transactions from both accounts, you can categorize and match the transfer. First, record the transaction as a transfer from one account:

  1. Select Bank transactions from the BOOKMARKS ▼.
    Tip: You can also select Bank transactions from the Transactions tab in the MENU ▼.
  2. Select the bank account where the funds are coming from.
  3. Find and select the transaction to open it.
  4. Select Record as transfer. Then, from the Transferred to dropdown, select the account where you transferred the funds.
  5. Select Record transfer.

Then, match the transaction from the other account:

  1. Select the bank account where the funds are going.
  2. Select the For review tab. Then, select the Recognized filter from the dropdown.
  3. Find the transaction. From the Action column, select Match so the transaction is matched in both accounts.

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