Chart of Accounts

NU-LTGx · ‎October 04, 2018

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!

AlcaeusF · ‎October 04, 2018

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 · ‎October 09, 2018

@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

AlcaeusF · ‎October 04, 2018

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.

NU-LTGx · ‎October 04, 2018

Thank you so much, perfect!

Anonymous · ‎October 04, 2018

@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.

NU-LTGx · ‎October 04, 2018

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 · ‎October 09, 2018

@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.

sjvillagran55 · ‎September 01, 2023

The owner transfers money from company checking account into company money market account, how do I categorize these transactions in QB? What do I label the chart of account? I will be writing a check and depositing but not sure what account/category to use in Quickbooks.

leah nuestro · ‎May 31, 2024

A company issued a cashier's check for bidding on a prospective investment. What account should I debit, since it is not yet an investment? Should I debit Cashier's Check on Hand under Cash/Current Account? If bidding is successful, the amount will eventually go to Investments account. And if not, the Cashier's Check will be deposited back to the bank account where it was drawn from.

Thanks

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