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concordsun
Level 1

Bank Transfers that Posted in Separate Months

I was moving funds from one bank to another.  I wrote the check at the end of January and it shows posted in my account I was depositing to for January.  However, the credit from the bank I removed the funds from didn't post until February.  So I have both banks showing the money in them for January.  How do I reconcile for January and February?  Do I make the post to and from some type of floating account for each month?  Thanks in advance!

1 Comment 1
TirzahC
QuickBooks Team

Bank Transfers that Posted in Separate Months

Hi , concordsun!

 

Thank you for reaching out to the Community. You can create a clearing account where to post the amounts for each month. It's also a good practice to reconcile your account so your books are organized and correct. Let me guide you how.

  1. In the Accounting menu, select Chart of Accounts.
  2. Select New.
  3. In the Account Name field, enter Clearing AccountBarter Account or Wash Account.
  4. Do NOT enter an opening balance.
  5. Select Save & Close.

Here's an article that shows a Year-end guide overview: https://quickbooks.intuit.com/learn-support/en-ca/getting-started/year-end-guide-what-to-do-in-janua...

 

Please let me know if you need further assistance with the bank transfer. I'm here to lend you a hand anytime. Wishing your business great success!

 

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