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Senior Explorer **

Chart of Accounts

Hi! Good morning, Can anyone help me out here? The owner transfers money from company checking account into company money market account, how do I categorize this in QB? What do I label the chart of account? Just want to make sure I am labeling everything correctly.

 

Thank you in advance!

Solved
Best answer 10-09-2018

Accepted Solutions
QuickBooks Team

Re: Chart of Accounts

Welcome to the QuickBooks Community, NU-LTGx.

 

I'm here to help record a funds transfer from one account to another in QuickBooks Online.

 

Please make sure both accounts show in your Chart of Accounts to record the transfer. There are four ways to track a bank transfer between two accounts.

 

Here's the list:

  • Transfer
  • Check
  • Imported Bank Transaction
  • Journal Entry

The detailed steps are outlined in the article below depending on the method you use:

 

Handle a bank transfer

 

The steps above will help you with what you need. If you have any questions concerning the bank transfer, please let me know.

View solution in original post

Anonymous
Not applicable

Re: Chart of Accounts

@NU-LTGx,

 

Sounds good. One thing I can say about the Chart of Accounts is that it's flexible. There are some standard accounts you must have, but you can structure and tailor it to your client's specific needs. As they learn more about what they need, you can continue to refine the process by adding new accounts, subaccounts, and shuffling around existing workflows. 

View solution in original post

5 Comments
QuickBooks Team

Re: Chart of Accounts

Welcome to the QuickBooks Community, NU-LTGx.

 

I'm here to help record a funds transfer from one account to another in QuickBooks Online.

 

Please make sure both accounts show in your Chart of Accounts to record the transfer. There are four ways to track a bank transfer between two accounts.

 

Here's the list:

  • Transfer
  • Check
  • Imported Bank Transaction
  • Journal Entry

The detailed steps are outlined in the article below depending on the method you use:

 

Handle a bank transfer

 

The steps above will help you with what you need. If you have any questions concerning the bank transfer, please let me know.

View solution in original post

Highlighted
Senior Explorer **

Re: Chart of Accounts

Thank you so much, perfect!

Anonymous
Not applicable

Re: Chart of Accounts

@NU-LTGx, is this a regular things your client intends on doing? There might be a good process to put in place to make it most efficient. 

Senior Explorer **

Re: Chart of Accounts

I am not sure? He just started doing this so I wanted to make sure I had all the correct info to get off to the right start

Anonymous
Not applicable

Re: Chart of Accounts

@NU-LTGx,

 

Sounds good. One thing I can say about the Chart of Accounts is that it's flexible. There are some standard accounts you must have, but you can structure and tailor it to your client's specific needs. As they learn more about what they need, you can continue to refine the process by adding new accounts, subaccounts, and shuffling around existing workflows. 

View solution in original post

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