How to Transfer Money in QuickBooks

Do you wish to shift funds between Savings accounts and Business Checking accounts in QuickBooks? If yes, then this article […]

Do you wish to shift funds between Savings accounts and Business Checking accounts in QuickBooks? If yes, then this article is for you.

Transferring money or funds between different business accounts is a common necessity these days. In this article, we will talk about how to transfer money in QuickBooks in detail.

Note: Ensure to match instead of adding in your bank feeds in case you are a desktop user and the transfer in QuickBooks is pre-recorded.

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How to Transfer money between Savings Accounts and Checking Accounts in QuickBooks?

Here are the steps to transfer money between Checking account and Savings accounts in QuickBooks:

  • Open your QuickBooks Desktop. Now navigate to the Banking menu.
  • Choose the Transfer Funds option from the given drop-down menu.
  • In the screen for Transfer Funds, select the transfer date.
  • In case Classes are used in QuickBooks, choose the right class for the transfer. Or else, this step can be skipped.
  • Select the checking account from where the money is arriving in the field, Transfer Funds From.
  • Authenticate whether the amount displayed in the right column is perfect or not. In case they are not, try to reconcile your accounts or look for data entry mistakes.
  • Also, optionally, you can check the particular checkbox for Online Transfer in case it was an online transfer.
  • Include a memo to state the transfer like Monthly Transfer or any other kind of applicable information.
  • Type the amount of funds which is being transferred.
  • Press Save and Close in case the transfer is complete. In case you have one more transfer to add, you can press Save and Close to continue. You can also click Clear in order to start over.
  • To check the transfer details, you can go to the register of the savings account included or the checking account. The transfer will get registered there.
  • In case you are accessing bank feeds, it is possible to match the transfer transcription when it gets displayed in your bank feed list.
  • Check and authorize transactions in your bank feed to make sure it is precise.

Note: It is extremely crucial that your bank accounts are updated and reconciled frequently for precise financial records.

How to Record a Transfer between Accounts in QuickBooks Desktop Pro?

If you are using QBDT Pro, Transfer Funds is a simple option. You can tap on Banking before this. After that, you may fill in the Date, Transfer Funds, and other fields with data. To proceed, you must next select the Transfer Amount option.

Here are the steps to record a transfer between accounts in QuickBooks Desktop Pro:

  • You will locate the Banking option in QuickBooks Desktop Pro. Choose its option.
  • Go to Transfer Funds.
  • The right date of the transfer of the amount needs to be mentioned in the Date field.
  • Complete all the fields stated below:
    • Transfer Funds to
    • Transfer Funds from
  • Press the option of Transfer Amount and then register the fund sum in it.
  • Now all the details added need to be saved.

How to use QuickBooks Online to Register Transfers between Accounts?

Writing checks is the most convenient way to enter the amount of money transferred to banks. You can use the Record Transfer function to search for a more straightforward solution. Thirdly, the Transfer option is available to you.

Using this method will allow you to draft a memo if necessary in addition to recording the transfer.

In QuickBooks Online, transferring funds between accounts is a kind of necessity that can be finished with 3 options.

Here is an overview of the three options:

Option 1: Include Check Details to Record

Consider utilizing QuickBooks Online to send checks for money transfers between bank accounts. You can choose the “Check” feature and enter all relevant information. After that, you can verify that every element of the check has been accurately documented. Please save them after this is finished, and a record will be created.

  • With QuickBooks Online, kindly visit + New
  • The menu will display you the Check option. Choose it
  • Search for the details enquired about the check. Then include the information correctly
  • Add the number for the check
  • Via Bank Account, state the bank account which is being used for the fund transfer
  • Next, Navigate to the Category feature
  • Include the bank account details where you are transferring the fund transfer amount
  • Finally, the details added need to be saved. You can click any of the following options:
    • Save and New
    • Save and Close

Option 2: By Choosing the Record Transfer Button

Some of you may have noticed that QBO has a Record Transfer button. This software’s button is used to create a record of the transfer. The Banking menu is where you may find the button. Your transaction will be visible to you with the menu. Select Record Transfer after selecting the Transfer Account option.
Now let us learn about how to transfer funds between the accounts in QuickBooks Online:

  • Choose the Banking tab
  • Choose the bank account that has been used to transfer the transaction amount
  • Access your particular transaction
  • Now click on Transfer Account
  • Decide the bank account where the transfer was registered
  • Now click the Record Transfer button

Option 3: Access Transfer Feature

It will be recommended to you to use QuickBooks Online’s Transfer tool to add money transfers across accounts. Details like the bank accounts, fund amount, memo, etc., will need to be entered after this. Finally, you will need to utilize Save and Close. The accounting software will be updated to include the fund transfer.

  • The + New option has to be chosen in the QuickBooks Online software
  • Select Transfer
  • A drop-down menu will appear that will be named, Transfer Funds From. Select a bank account through it
  • Now see whether the selected account is the same as the one via which the transfer has been acquired
  • Click Transfer Funds to
  • A list is displayed now. Review it and locate the account where the transfer sum will be included
  • Click on Transfer Amount. You will be requested to enter the amount of the transfer. Include it
  • After this, enter the transfer date
  • Now, Go to the Memo option
  • Begin including a description of a memo will be needed
  • Finish this method by either the Save and Close option or the Save and New option

How to Transfer Funds with QuickBooks Checking?

Those who qualify for instant transfers can send money within 30 minutes, including on weekends and holidays, using a linked debit card. Depending on the receiving bank or the Deposit Account Agreement, fees, limits, and holds may change.

Note: In the QuickBooks Mobile app or even the QuickBooks Money, instant transfers are not yet present.

Step 1: Set up Instant Transfers

It is possible to link around 10 Mastercard or Visa debit cards from the credit union or US bank for instant transfers. This time, it is not possible to delete or change the initially included debit cards.

  • Log in to your QuickBooks Online
  • Navigate to Banking Services
  • Navigate to QuickBooks Checking and choose Send Money
  • Choose Instant Transfer
  • Comply as per the prompts to include your debit card
  • Add the confirmation code

Step 2: Instantly Send Money

The funds in QuickBooks envelopes will be required to be shifted to the main QuickBooks Checking account balance prior to getting started:

  • Navigate to the Banking Services
  • Navigate to QuickBooks Checking and choose Send Money
  • Choose Instant Transfer
  • Add the amount you wish to transfer from QuickBooks Checking
  • Choose the debit card from where you wish the funds to go
  • Check the transfer fees and amount
  • When you are all set, Choose Finish Transfer

Step 3: Check Instant Transfer History

QuickBooks will display the transfer amount with a distinct line item for the fees. The bank account receiving will display the instant transfer deposit and the fees.

  • Navigate to the Banking Services
  • Navigate to QuickBooks Checking
  • Choose Review Transactions

How to Transfer Funds between Companies?

Remember that you are documenting a two-sided transaction when you need to transfer money between your businesses; that is when you are receiving money into one firm and moving money out of another.

Despite the fact that this transaction appears to be a transfer, it actually needs to be documented as an expense or a check written out to one firm and deposited by the other because the two accounts are not in the same corporate files.

Instead of only raising and lowering equity, in certain cases, this may be a loan from one firm to the other, which would increase a liability account and produce an asset in the other company.

How to Transfer Funds to the other company?

  • Choose + New
  • In the Vendors section, choose either Expense or Check
  • Choose the bank account from where the funds are arriving
  • Add the Payee, Payment Method, and Payment Date
  • In the Category details, in the Category column, choose an Asset or any Equity account to show the funds moving out of business
  • Type the amount which needs to be transferred in the Amount column
  • Choose Save and New or you can click Save and Close

Note: The transfer is registered as an expense or check going out of the business.

How to Get Transferred Funds?

In order to get funds transferred from the other company, you need to implement the steps given below:

  • Choose + New
  • In the Other option, choose Bank Deposit
  • Choose the bank account where the funds are going to
  • Add the Date
  • In the section, Add Funds to this deposit section, you can also mention from where the funds are acquired from
  • From the drop-down menu of Account, choose any Equity or Liability account to show the funds stepping into the business
  • Type the amount acquired in the Amount column
  • Choose Save and New or Save and Close

Note: The transfer is registered as a deposit that is coming into the business.

We hope that after reading this article, you will be aware of everything that is important about transferring money in QuickBooks. We have stated all the relevant information. We also have described the steps in an easy manner.

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Frequently Asked Questions

What are the Charges for Instant Transfer?

The charge for instant transfers is 1.5% of the particular total amount that is transferred. This charge excludes the regular charges for the QuickBooks Payments account.

Is it Possible to Cancel or Reverse the Instant Transfer?

No. It is not possible to stop or reverse the transfer once it begins.

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