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Level 1

Internal money transfer not showing on P&L

I move money between bank accounts frequently using online banking. I am entering them as transfers in QuickBooks, but they are not showing as income or an expense on my P&L reports.

Any suggestions?

 

2 Comments
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Community Champion

Internal money transfer not showing on P&L

Working as intended. Transfer between assets is neither income nor expense so should never appear on a P&L. Even the purchase of an asset would not be an expense (its depreciation, even if all up front is its expense). So there is nothing wrong with what you see or what you are doing.

 

 

Highlighted
Level 1

Internal money transfer not showing on P&L

Thank you! I moved from Quicken and it showed more like a deposit and an expense there! I'll try to convince the Trustees that it is ok not to see that!

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