How To Transfer Funds Between Banks In QuickBooks Online?

by James Antonio

QuickBooks permits transferring funds between banks simpler than ever. There are several methods available to move money from a single bank to another. With few clicks, you can transfer funds to different balance sheet accounts. In QB, the transfer function is there to records funds between the credit card and bank accounts. In this blog, you will learn how to transfer funds between banks in QuickBooks Online.

What is the Significance of Transferring Funds between Bank Accounts in QuickBooks Online?

Every organization uses multiple bank accounts for maintaining the accounts-related operations like individual accounts for payroll, and for other tasks, there might be another account. There may be a frequent need to exchange funds for account balance accuracy; tracking bounced checks, and overdraft issues. To tackle such a scenario, you require the correct transfer of funds between bank accounts in QuickBooks.

How To Transfer Funds Between Banks In QuickBooks Online?

The fund movement from one account to another needs the transaction recording. To prevent duplication while recording transactions, let’s explore the method of recording new transactions in QuickBooks.

Record a New Transfer in QuickBooks:

Use the transfer option in QuickBooks online if you have not imported the transactions yet. Here are the steps to record a money transfer:

  • First of all, click on the +New button
  • Choose Transfer
  • Click on the dropdown button which says Transfer funds from
  • Choose the bank account from the fund that is coming from
  • Click on dropdown list named Transfer funds to, choose the bank account that the fund is going to
  • Discover the Transfer amount field, write the amount being transferred
  • Modify the Date field
  • Write a transfer description in the Memo field
  • Click on Save and Close button to complete the transfer

Use Check to Record a Transfer:

In case you used physical checks for transferring funds, then you need to follow the below instructions:

  • Open Check window
  • Click on the +New option
  • Choose Check
  • Write the Check Number
  • Fill the details in from the Bank account field; it helps to choose the account the funds are coming out of
  • Discover the Category Column
  • Click on the Account the Amount are going into
  • Choose Save and close button

Transfer Matching in Imported Bank Transactions:

If you have imported transactions in the banking feed for un-entered accounts as a transfer in QuickBooks, you can record it as a transfer from a single account. After this, use the match option in the banking feed for transaction matching. Here are the steps:

  • Choose Banking option
  • Click on the bank account that the transaction is coming from
  • Discover and choose the transaction to open it
  • Click on the radio button which says Record as transfer
  • Choose the dropdown named transfer account
  • Click on the account the fund was transferred to
  • Hit Record transfer
  • Choose the bank account to which transaction is transferred
  • Click on for Review option
  • Choose a Recognized filter from the button which says dropdown
  • Discover the transaction
  • Click on the action column to choose Match to proceed with the matching process of the accounts.

What Mediums can I use to Transfer Funds Between two Accounts in QuickBooks?

• Transfer
• Matching Imported Bank Transactions
Journal Entry
• Check

What are the Available Fields in the Transfer Window used for Transferring Funds in QuickBooks?

• Transfer funds from
• Transfer funds to
• Transfer Account
• Memo
• Attachments
• Date

How can I View the Recorded Transfer in QuickBooks Online?

Locate the Chart of accounts and open the desired register account to find the summary of the recorded transfer.

How to Verify and Edit Bank Transfers?

• Open the Chart of Accounts
• View the check register
• Verify and Edit the Transfer

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Transfer Funds
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