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QuickBooks Team

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Hi there, @kaneika


Thanks for visiting the Community today. I want to make sure you're able to link the invoice to the deposit you've made through a funds transfer. 


It seems to me that you have two different companies in QuickBooks Online. Since you're moving funds from one account to the other, you'll need to record a two-sided transaction by creating a Check or Expense to record the fund transfers out of one business, then receive the funds into the other business. Here's how: 


To transfer funds to the other company


  1. Sign in to QuickBooks Online (Company A)
  2. Select the +New icon, then select either Check or Expense.
  3. Choose the bank account the funds are coming from.
  4. Enter the PayeePayment Date, and the Payment Method (optional).
  5. Under Category details, select an account in the Category column. 
  6.  Enter the amount to be transferred in the Amount column.
  7. Select Save and close


After that, log in to QuickBooks Online (Company B). Then, make a bank deposit to receive the fund transfer from the other company. Here's how: 


  1. Select the +New icon, then select Bank Deposit.
  2. Choose the bank account the funds are going to, then enter the Date.
  3. In the Add funds to this deposit section, specify the funds were Received From.
  4. From the Account drop-down menu, select an account to reflect the funds coming into the business. 
  5. Enter the amount received in the Amount column.
  6. Select Save and close.


If you're unsure what specific accounts to use, I'd recommend consulting an accountant. 


Once completed, apply the deposit entry as an invoice payment. Here's how: 

  1. Go to the + New, then select Receive Payment.
  2. Pick the Customer's name. You should now see the customer's invoice and outstanding credits. 
  3. Add the Payment date, then select the Invoice you need to mark as paid in the Outstanding Transactions section. 
  4. Under Credits, choose the Deposit entry.
  5. Hit Save and Close


For future reference, here's an article that can help you learn about how to match and categorize the fund transfer you've made from the other company (Company A) to the transactions from your bank feeds. 


Feel free to message again if you need more assistance. We're always delighted to help. 

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