Q & A with Will English: How to transfer funds from one account to the other within QuickBooks.
One of our customers who manages a church office sent the following email. Will was able to fully assist her with her questions and needs via email. Our goal is to empower small business owners and their staff with the financial information they need to be successful.
Email from customer:
Hi Will,
I was hoping I could get some expertise regarding the transfer of funds from one account to another. We have a deposit that was made into one of our accounts and needs to be moved to another account. If I transfer those funds in QuickBooks, will there be a problem when I reconcile the bank statement since the bank still shows the deposit being made in the first account? I am slowly learning QuickBooks and still timid on some of the maneuvers. Thanks for your help.
Will: I need to understand this transfer better. Is the transfer to an actual account?
Client: They are two separate accounts. A deposit went into one of the accounts and it should have gone into the other. I have asked the bank to transfer these funds but I don't know the correct way to transfer in QuickBooks without eliminating information I will need in both accounts when I reconcile them.
Will: Under the Banking menu is a process called Transfer Funds. Click on that and choose the account that you're transferring from. In the account that you're transferring to, put them in that account’s name/location and it will move the money from 1 account to the other to reflect what the bank has done.
Client: Thanks Will. Will it still appear in the original account for the purposes of reconciliation?
Will: Yes, exactly.
