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tracking a bank transaction as both transfer and income/expense category

I want to write a birthday check for my child on date X; she will deposit it in her bank account on date Y, categorized as "gift income".  How do I track a check from one account to another (which is really just a transfer) but with a single income/expense category, not just a Memo item?

 

 

Moderator
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Re: tracking a bank transaction as both transfer and income/expense category

Greetings rbron75455,


I can help you enter a gift check in QuickBooks Desktop for Mac.

 

Here's how:

  1. Select Banking at the top.
  2. Choose Write Checks, then click New Check.
  3. Enter the needed details for the check, and click Save & Close (refer to the screenshot below).

image.png

 

However, we are unable to recommend which account you should use to categorize it. I suggest consulting with your accountant for the best way to track the gift check.

 

You can check out the QuickBooks for Mac 2019 User's Guide for the detailed steps. Just press Command and F,  then enter Writing a check to locate the steps.

 

I want to ensure that this is taken care of for you, so please let me know how it goes. Take care.

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Re: tracking a bank transaction as both transfer and income/expense category

The question was not about how to write a check but how to categorize it as both a transfer and income/expense (ie a birthday check from me to my child-a transfer-but I need it as an expense for me and gift income for my child for accurate tracking and budget reasons).

Established Community Backer ***
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Re: tracking a bank transaction as both transfer and income/expense category

Like any other check, assign the expense account when you write the check and the income account when the deposit is made.