Wire transfer from stock account to checking account QuickBooks Desktop
When transferring money from your savings account to your company checking account, make a note of the deposit. Simply enter the transaction as a Transfer Funds transaction in QuickBooks. Before doing so, I’d recommend contacting an accountant to see if that’s the right course of action and make sure the books are in order. Here’s how to do it:
- From the QuickBooks menu panel, select the Banking option.
- From the drop-down menu, pick Transfer Funds.
- Choose the account from which you want to move money (Investment account).
- Choose the account to which you want to move the funds (Business Checking account).
- Fill in the desired sum to be transferred.
- To save and close the file, click the Save & Close button.
How can a money transfer from another bank account for the same company be classified?
This is a real estate franchise that processes transactions from two different business bank accounts following franchise guidelines. Accounts for operations and commissions. I’m working with Quickbooks Online and a bank feed (thankful for this feature). Agent commissions are often deposited to the Operating account because they provide a processing fee, a source of income for the Brokerage. I divide income into Transaction Fee Income and Commission Income, then report the commission sum as a transition from the Operating to the Commissions account. In the Commissions account, I match the move. Can I do this differently? All seems to be in order, but I’d like a second opinion.
2nd Transfer: There are many transactions in a single commission. The transaction fee mentioned above is often not charged by the real estate agent, but it is deducted from their commission and any reimbursed brokerage expenses. This money is transferred to the Operating Account. How do I make this transition while still being able to categorise this income? I’m unable to organise income while performing a move.
Transfer Between Accounts
To use QuickBooks Online to record a transfer between two accounts when you transfer money from one account to another, you must report the transaction in QuickBooks as a transfer. We’ll go through different options for recording transfers as well as best practices for avoiding mistakes.
Accidental duplication of a transaction when documenting a money transfer between two accounts in QuickBooks is a standard error. If both statements are listed in your Chart of Accounts (which they usually are), you must enter the transfer as a single transaction that affects both versions rather than a cheque in one and a deposit in the other. Any of the following methods can be used to make a transfer between two accounts:
- Bank Transfer: If you haven’t yet imported the transaction from your bank, the simplest way to record a fund transfer in QuickBooks is to use Transfer. Here’s how to make a money transfer record:
- Choose +New
- Choose Transfer
- Using Transfer Funds versions, Funds the bank account from which the funds are coming from the dropdown list.
- Using Transfer Funds, Select the bank account to which the funds will be transferred from the dropdown list.
- Fill in the amount to be transferred in the Transfer Amount region.
- Change the date in the sector.
- In the Memo sector, write a summary of the switch (optional).
- To finish the move, choose Save and close or Save and new.
- If you double-checked the date, select Yes.
By opening each account register in the Chart of Accounts, you will find the registered transfer.
Cheque: You will use the Cheque window to document the payment and the cheque number if you used a paper cheque to transfer funds.
- Select + New
- Choose Cheque as your payment method.
- Fill in the blanks with the information from the check, including the cheque number.
- Select the bank account from which the funds are being withdrawn from the Bank Account sector.
- Select the account where the funds will be deposited from the Category column.
- To record the cheque, choose Save and new or Save and close.
Matching imported bank transactions with transfer cheques: You can report it as a transfer from one account if you have transactions in your banking feed for both bills that aren’t entered as a transfer in Quickbooks. The trade from the other version can then be matched. How to use Match in your banking feed is as follows:
- Choose Banking.
- Choose the bank account from which the transaction will be made.
- To open a transaction, locate it and pick it.
- Choose the other account from the Pick transfer account drop-down list after selecting the Transfer radio button.
- Select the Record transfer option.
- If you double-checked the table, choose Yes.
- Choose the bank account to which the transaction was transferred.
- Select the tab For Examination. Then, from the dropdown, choose the Recognised filter.
- Look for the transaction. Select Match from the Action column to match the trade-in of both accounts.
Entries in the Journal (Check with your accountant before making a journal entry)
To summarise, QuickBooks Desktop software is accounting software that has countless numbers of functions and features that will help you manage the finances of a particular organisation. I hope that this blog helped you and was worth your time