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natalie2
Level 1

How do I properly record a transfer from savings to business checking without it showing as income?

 
3 Comments 3
Rose-A
Moderator

How do I properly record a transfer from savings to business checking without it showing as income?

Hey there, natalie2.

 

I'd be happy to help you record a transfer without showing it as an income transaction. You can use the Transfer feature in QuickBooks Online to complete this process.

 

Here's how:

 

  1. Click + New in the left panel and choose Transfer.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From drop-down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop-down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. Select Save and close.

To learn more about this process, check out this article: Transfer funds between accounts.

 

If you want to learn more in handling your bank transactions, see the articles below:

 

Feel free to get back to me if you need anything else. I'd be glad to lend a hand.

sister_soup
Level 1

How do I properly record a transfer from savings to business checking without it showing as income?

Could you provide instructions please if the transaction has already been downloaded into QB?

Kevin_C
QuickBooks Team

How do I properly record a transfer from savings to business checking without it showing as income?

Thanks for joining the thread, @sister_soup. I can guide you through the process of recording a bank transfer when you have downloaded a bank transaction into QuickBooks Online (QBO).

 

Since you have imported transactions in your banking feed for both accounts that aren't entered as a Transfer in QuickBooks, you can record them as transfer from one account. The transaction from the other account can then be matched.

 

Here’s how to use Match in your banking feed:

 

  1. Go to the Banking menu, then choose the Banking tab.
  2. Select the bank account that the transaction is coming from.
  3. Find and select the transaction to open it.
  4. Select the Record as transfer radio button.
  5. From the Transferred to dropdown, select the account the money was transferred to.
  6. Select Record transfer and choose the bank account to which you transferred the transaction.
  7. Select the For Review tab, then select the Recognized filter from the dropdown.
  8. Locate the transaction from the Action column, select Match so the transaction is matched in both accounts.

 

For more information about this, check out this article: Transfer funds between accounts.

 

Additionally, here are some articles that you can read to help speed up the reviewing process of your online bank transactions:

 

 

The Community always has your back, so please let me know if you have any other questions with recording a bank transfer in QBO. I'll be more than happy to help. Keep safe. 

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