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LBishop1
Level 1

Recording a transfer across two months

Hi. I recently transferred money between my business checking and savings accounts at the end of the month. For the first time ever, it showed up in my checking account on the last day of the month and my savings account on the first day of the next month. How do I book this so that I can reconcile my accounts at the end of the month. Do I use a current liability account or maybe the undeposited funds account? Thanks for any insights.

Solved
Best answer November 03, 2020

Best Answers
john-pero
Community Champion

Recording a transfer across two months

Record it once as a transfer on the last day of the month (when you initiated it) for tge account where it did not CLEAR until the next month you just do not check it off when reconciling.

 

In the end it is only a transfer from one asset to another and within the same class. It has zero net effect on you balance sheet and absolutely zero inclusion on p&l

View solution in original post

2 Comments
john-pero
Community Champion

Recording a transfer across two months

Record it once as a transfer on the last day of the month (when you initiated it) for tge account where it did not CLEAR until the next month you just do not check it off when reconciling.

 

In the end it is only a transfer from one asset to another and within the same class. It has zero net effect on you balance sheet and absolutely zero inclusion on p&l

View solution in original post

LBishop1
Level 1

Recording a transfer across two months

Of course! Duh. Not sure why I thought I couldn't mark an event in quickbooks as reconciled just because it didn't conform to the exact date in my account. Probably thinking of end of year accounting, where you might have to use current liability accounts to book future payments.

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