QuickTips™: Transferring Funds by QuickBooks® Made Easy™
This month’s QuickTips deals with transferring funds from one bank account to another. This tip will work with any version of QuickBooks®.
If you write an actual check to transfer the money from your checking account to another account, make sure you choose the account you are depositing account you are depositing to as the expense account. Do not choose an expense account. If you perform this step incorrectly it will result in an inaccurate Profit & Loss statement. While your bank balances will be correct, your income and expenses will not reflect the correct amounts.
Alternatively, if you are not writing a literal check and instead transferring the funds on line, do not go to the write check window. Instead select “Transfer Funds” from the “Banking” menu to enter the transfer. Enter the correct information and click “Save & Close”. Your bank account will automatically adjusted to reflect the amount transferred.
QuickTips from the video
- DO NOT point your transfer check to expense accounts.
- DO make sure you point your check towards the account that you are transferring to.
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