How to Record a Bank Transfer in Quickbooks

Trying to figure out how to record a bank transfer in Quickbooks? Unfortunately, some business owners make the mistake of recording the same bank transfer twice. Intuit explains that when both accounts — your account and the customer’s or vendor’s account — appear in your Chart of Accounts,  you need to record this as a single transaction. You should not record it as a two transactions.

To record a bank transfer, log in to your Quickbooks account and click the (+) icon at the top of the screen, followed by ‘Transfer.” From here, click the “Transfer Funds From” menu and choose the bank account from which the funds are being withdrawn. Next, click the “Transfer Funds to” menu and choose the bank account to which the funds are being deposited. You aren’t finished just yet, however, as there are a few more steps you’ll need to make.

For the “Transfer Amount” field, enter the amount of the transfer. It’s recommended that you double check this information before proceeding to ensure it’s correct. Assuming it accurately reflects the correct amount of the transfer, edit the “date” to the appropriate date of the transfer and click “Save” to complete the process.

So, how do you record a bank transfer that was done using imported bank transactions? If both transactions were imported, you should transfer from one of these accounts and match it to the other account. This is done by choosing “Banking” at the top left menu, after which you can select one of the bank accounts. Next, click somewhere in the field of the transaction so that it selects it, followed by clicking the radio button labeled “Add to Transfer.” You can then select the other account in the account drop-down menu, followed by ‘Transfer.” After choosing the other account,  select the “Recognized tab” and navigate to the transaction. Finally, click “Match” in the field for “action.”

Following these steps will allow you to easily record a bank transfer in Quickbooks. It’s important to note that you can record bank transfers for a variety of different account transfers in Quickbooks, including standard transfers, journal entries and imported transactions. Just remember to follow the steps outlined here. Failure to properly record a transfer will likely throw off your business’s books, which can cause a serious headache when tax time rolls around next year.

Did this tutorial work for you? Let us know in the comments section below!

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