Thanks but let me be specific and see if that changes answer.
I transferred money to a Vendor via Venmo. I see that QBO treats this as another reconcilable account (I think as a bank, etc), so I can not select my account "Advertising and Marketing".
So i UNDID it and then opened it to find the window below. I checked ADD with the proper Expense account. When I added this it deleted the transfer which was correct. The same amount showed ($300) but in the register it shows as Cleared and Not Reconciled.
So I guess one question is, did I change it properly?
And, if so, how do I reconcile it properly?
I hope I'm making sense here. LOL.
Good to have you back, mcasey318.
Thanks for providing additional details of your concern.
Transactions coming from your bank will automatically mark as Cleared in the register. For them to be marked as reconciled, you need to reconcile them manually.
Here's an article to learn information to learn the reconcile workflow in QuickBooks for your reference.
Once done reconciling, you can run the Reconciliation Reports to display the list of the reconciled and unreconciled for a bank account for a statement date.
If you need anything else, please post them anytime here.
Once you reclassify do you have to do it every month? I pay me rent through a bank transfer (from my bank to my landlords). I just started importing my banking info and it recognizes it as a transfer (not an expense). Is there a way to permanently set the transfer up as an expense?
Hey there, AZyogi.
QuickBooks only accepts the transactions provided by your bank. Since these transactions are importing as transfer instead of expense, I'd suggest getting in touch with your financial institution to check on how they send your data to QuickBooks.
Here are some resources that can help guide you more about downloading your transactions in QuickBooks:
I'll be around to help if you have any other banking concerns in QuickBooks. I'm here to provide additional assistance. Have a good one.
If a partner in a company also does work on a project, he/she receives a commission check.
If that same partner simply transfers the money from checking to a savings account (both belonging to the company), then it is a partner equity investment.
How does one split a TRANSFER so that the expense (money out of the checking) is linked to the equity investment (money into the savings acct)?
Thank you for joining in the discussion, @informARTive.
Splitting a transfer from a downloaded bank transaction isn't an option yet in QuickBooks Online. You'll have to do this manually by creating a journal entry. I'd recommend consulting your accountant first before doing so to ensure that it's applicable to the type of business you have.
I'll include this article for your guide: Create a journal entry in QuickBooks Online. Once you're on the Journal Entry screen, you'll need to debit the amount for Checking and Expense and credit it to Savings and Owner's Equity. I've attached a sample screenshot for your guide.
If you have follow-up questions regarding this process, do let me know. I'll be around to help. Cheering you to a fantastic day ahead!
Thanks for joining this thread, @paulajc.
Before going into detail, I want to ask if you mean if there's a video on how to create a journal entry in QuickBooks Online?
If so, you can refer back to this article that has a video included with creating a journal entry: Create a journal entry in QuickBooks Online.
I look forward to chatting with you soon. Have a safe and productive rest of your day!
I connected my bank account to Quickbook and have probably a hundred transactions that came up as "transfers." Some of them are payments I made to credit cards from my checking account and they show up as a transfer to American Express for example. I am supposed to review and click "Record Transfer." What I can figure out is why I need to review that and for what am I reviewing it? Should I be going into my Amex account (I have 3 cards) and double-checking that the payment was made?
Others are Venmo payments I made to vendors. What is the Transfer Account for that and how do I make sure those payments are booked to the right expense acccount?
Others are various payments that I pay through my bank's Bill-Pay system. Sometimes, they show up as checks and I can handle those but other times, they come through as "transfers" and I'm supposed to select the "transfer account." I can't choose my checking account because I get an error message since I am working in my checking account to begin with.
Let me share with you some insights why your bank transactions is in the For Review tab in QuickBooks Online (QBO), @carob1111.
QuickBooks automatically downloads the last 90 days of transactions once you connect it to your bank. All of them will automatically show up in For Review tab so that you can categorize them. This way, you'll have the option to add, match, or exclude these bank transactions.
If your bank transactions were categorized as Transfer under the ACTION column, this means that you have the option to move them to a different account. I recommend reaching out to your bank so that they can guide you on what specific account are you going to use when transferring them.
In addition, you can reach out to your accountant for further advice to make sure your books are accurate before closing it.
Don't hesitate to tag my name in the comment section below if you have other concerns or questions. I'm always ready to help.
I have a client that did this on a desktop version - all 2018 transactions entered as transfers when they were in fact ACH payments. Is there an easy way to fix on the desktop version or do I need to go and delete/re-enter all of this work?
Allow me to join this conversation and take care of your query about reclassifying multiple transactions in QuickBooks Desktop (QBDT).
At this time, there isn't an option to batch edit transactions in QBDT. What you stated above is right, and you'll have to delete and reenter these transactions by hand.
An easier way to get this done would be to have an accountant user use the Batch enter transactions feature. Be advised, this feature is exclusive to QuickBooks Desktop Enterprise and QuickBooks Desktop Accountant. See the steps in this article: Accountant tools: Batch enter transactions.
Also, you can take a look at this article: Import and export data in QuickBooks Desktop. It's a complete list of what data you can import and export in QBDT.
Let me know if you need further assistance by dropping a comment below. I'll be sure to get back to you.