Transfer Funds Between Bank Accounts


If you are like most of us, you have two or more business bank accounts and often transfer funds between accounts.

There is an easy way to do this in QuickBooks!

You may have one account for your General Operating Funds, another for Payroll or Credit Card Processing, or a Business Savings account. When you transfer funds between accounts at your bank or online, you also need to reflect a "transfer of funds" in QuickBooks.

I'll use my business practice as an example:

I maintain a separate checking account into which customer payments made by credit card are deposited. This allows me to track credit card deposits and the time it takes to post in a separate account. It also makes reconciling my bank accounts so much simpler.

Once a week, I transfer the funds online from t he Credit Card Account to the Operating Account.

Then I make a simple transfer in QuickBooks by using the BANKING module located at the center of the top tool bar in QuickBooks.

From the drop down list, I select TRANSFER FUNDS. This brings up a great little form that is pretty self explanatory.

Just select the "from" account in the top line, then the "to" account in the second line. Enter the transaction date & amount. There is a memo line at the bottom where you can make a note of the reason for the transfer (June payroll for example).

Select SAVE and CLOSE and you're finished. QuickBooks reduces the money in the "FROM" account and increases the money in the "TO" account in one quick process.

Try this the next time you need to record Account-to-Account transfers in QuickBooks.

I hope you find this useful...check back for more QuickBooks Gal tips.

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