Transfer funds between bank accounts to pay expenses.

treasurer10 · ‎December 10, 2018

Transferred funds between our Savings and Checking accounts to cover some expenses. Recorded this using Funds Transfer between a sub-account of "Savings" and sub-account of "Checking". I then paid a bill and recorded that payment using an "Expense" account on our COA to show on the P&L statement as an expense. I need the Balance Sheet to reflect what remains of that original transfer so our committee knows how much of that money is still available to spend. How should I have recorded the Fund Transfer and the bill payment to accomplish this?

Rustler · ‎December 10, 2018

When you paid the bill, you should have used the sub account of checking that you transferred the funds into

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Rustler · ‎December 10, 2018

When you paid the bill, you should have used the sub account of checking that you transferred the funds into

treasurer10 · ‎December 10, 2018

Thank your, that is what I ended up doing. I wasn't sure if I also needed to create a Liability and what entries would be necessary to accomplish that.

Rustler · ‎December 10, 2018

You're Welcome

Tom2020 · ‎June 21, 2019

Hello i got some balance on my quick-book account which is not yet on my bank account ......how can i move it to my account becuase i tried all i could?

Rasa-LilaM · ‎June 21, 2019

Thanks for joining this thread, @treasurer10.

To ensure I can provide the best resolution, I just need some additional details about your concern. Did you run into any errors when moving the funds?

Are you trying to transfer the amount from QuickBooks directly to your bank? If this is the case, you can only move funds from one bank account to another in the company file.

To mirror the information from your bank, I recommend you enter the same details in QuickBooks. This is to ensure your records are in tiptop shape.

If you’re referring to a different situation, let me know by adding a comment below. This can help me get on the same page. I’ll be on a look out for your response.

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Transfer funds between bank accounts to pay expenses.