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Beginner question - Match vs Transfer?

Forum|Forum|2 years ago
June 28, 2024
5 replies
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Hi there

This is probably a stupid question - I'm just getting started so bear with me.

When I have a transfer between two of my bank accounts, I don't know if I'm supposed to use "Match" (suggested by QB) or record it as a transfer.

The aim is to make sure that the money going from one account to another is not seen as an income or expense, but a transfer.

The terminology is also confusing me. I think of a bank "account" as an account with my bank, but QB refers to "accounts" as an income or expense category, for example like "subscriptions".

So when I refer to transfer between accounts, I mean my bank accounts.

I hope this makes sense.

I'd appreciate some assistance! 😥

QuickBooks Online

Best answer by JaeAnnC

I'll clear up your confusion about the differences between match and transfer in QuickBooks Online (QBO), @Toni O.

To record the money movement between two bank accounts, yes, you'll need to record it as a transfer.

However, if the transaction is downloaded from both bank accounts on your online banking, record the transaction as a transfer and match it to avoid duplicates.

I'll share these pointers for more details about the differences between the two functions:

Moreover, the word "account" in QBO is a general term that keeps track of your transactions and shows your balances. A bank account is one of the account types or detail types.

Additionally, you'll want to reconcile your accounts in QBO to ensure they match your bank statements.

We'll be happy to explain further if you have clarifications about the match and transfer options in QBO. Just click the Reply button and we'll chime in to answer right away. Stay safe.

JaeAnnCAnswer

Level 6

I'll clear up your confusion about the differences between match and transfer in QuickBooks Online (QBO), @Toni O.

To record the money movement between two bank accounts, yes, you'll need to record it as a transfer.

However, if the transaction is downloaded from both bank accounts on your online banking, record the transaction as a transfer and match it to avoid duplicates.

I'll share these pointers for more details about the differences between the two functions:

Moreover, the word "account" in QBO is a general term that keeps track of your transactions and shows your balances. A bank account is one of the account types or detail types.

Additionally, you'll want to reconcile your accounts in QBO to ensure they match your bank statements.

We'll be happy to explain further if you have clarifications about the match and transfer options in QBO. Just click the Reply button and we'll chime in to answer right away. Stay safe.

Toni OAuthor

Thanks so much @JaeAnnC for your speedy and helpful response!

I'm not quite clear, so let me see if I can get this...

I have recorded the transaction as a transfer and it shows in the column "Added or matched" as a transfer. When I go into the detail, it shows a link to "2 online banking matches" and if I click this I see two entries, one is "manually added" and the other is "manually matched", with the option to unmatch.

So I presume that I did it right?

I can't remember if I chose "match" before designating it as a transfer!

As you can tell, I'm a bit confused 🤯

To take another example, if I had a short term loan I paid to someone from one account, and then they paid me back into another account, I would like to record this so as not to show it as an income, but as a repayment of the loan. Would the same matching principle apply here?

Thanks 🙂

J

JorgetteG

QuickBooks Team

Thanks so much for confirming! 🥳

We appreciate you for coming back, Toni.

I'm delighted to hear that the information provided effectively addressed your concern. Our utmost priority is to consistently offer you the assistance you require.

Please don't hesitate to reach out if you need further support or have any QuickBooks-related concerns. We are always here to provide you with the necessary help and support.

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