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

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Importer, Exporter & Deleter

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Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
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Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
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  • Up to 20 companies

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Accountant Premium

*See our Pricing for up to 50 Company Files.

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Pricing includes coverage for users
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  • Unlimited Users
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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