cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Transfer money between categories

A payment made from one category was refunded as a credit into a different category. How do I enter the credit on QuickBooks Online? I need to add it back to the category (or line) that it was taken from, not the category that the vendor credited with the refund. 

 

Thank you for your help!!

Solved
Best answer 06-09-2019

Accepted Solutions
Moderator

Re: Transfer money between categories

Greetings, Pen32.

I'd be happy to provide you the step-by-step process in transferring the money between categories via the QuickBooks Online.

 

A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. The following are the common uses for a clearing account. 

 

  • Move an amount from one AP account to another AP account.
  • Record a refund check from one vendor on behalf of another vendor.
  • Transfer a Bill or Bill Credit from one Vendor to another, e.g., bill consolidation.

Create a clearing account:

  1. Select Accounting from the left menu, then Chart of Accounts and select New.
  2. In the Account dialog, select Bank from the Account Type drop-down list.
  3. Choose a Detail Type drop-down list.
  4. Enter a Name for the account.
  5. Select Save and Close.

After that, you can create a journal entry for both accounts to transfer the money.

 

Here' how:

 

  1. Go to the Create (+) icon and select Journal Entry.
  2. Fill out the fields to create your journal entry.
  3. Select Save and new or Save and close.

z.PNG

 

However, the assistance of an accountant is a must. Your accountant can help and guide on which account to debit and credit.

 

As always, you can contact our customer care agents if you'd like someone to be with you as you go through these steps. They can pull up your account in a secure environment and assist you further. To reach us, please follow these steps:

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. At the bottom, click on Contact us.
  4. Type in your concern then hit Continue.

 

Don't hesitate to drop me reply below if you need more help in transferring the money. I'll be around to help.

2 Comments
Moderator

Re: Transfer money between categories

Greetings, Pen32.

I'd be happy to provide you the step-by-step process in transferring the money between categories via the QuickBooks Online.

 

A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. The following are the common uses for a clearing account. 

 

  • Move an amount from one AP account to another AP account.
  • Record a refund check from one vendor on behalf of another vendor.
  • Transfer a Bill or Bill Credit from one Vendor to another, e.g., bill consolidation.

Create a clearing account:

  1. Select Accounting from the left menu, then Chart of Accounts and select New.
  2. In the Account dialog, select Bank from the Account Type drop-down list.
  3. Choose a Detail Type drop-down list.
  4. Enter a Name for the account.
  5. Select Save and Close.

After that, you can create a journal entry for both accounts to transfer the money.

 

Here' how:

 

  1. Go to the Create (+) icon and select Journal Entry.
  2. Fill out the fields to create your journal entry.
  3. Select Save and new or Save and close.

z.PNG

 

However, the assistance of an accountant is a must. Your accountant can help and guide on which account to debit and credit.

 

As always, you can contact our customer care agents if you'd like someone to be with you as you go through these steps. They can pull up your account in a secure environment and assist you further. To reach us, please follow these steps:

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. At the bottom, click on Contact us.
  4. Type in your concern then hit Continue.

 

Don't hesitate to drop me reply below if you need more help in transferring the money. I'll be around to help.

Not applicable

Re: Transfer money between categories

Thanks for the detailed repy, @RoseMarjorieA !! I appreciate it very much!

Need to get in touch?

Contact us