Need to move funds between your Business Checking and Savings accounts in QuickBooks?

Transferring money between business accounts is a frequent necessity.

Tips: Make sure to ‘match’ rather than ‘add’ in your bank feeds if you’re a desktop user who has pre-recorded the transfer in QuickBooks.

Grab your pen and paper, let’s jump into QuickBooks 😊

If you’re looking for the Desktop version of this video click here

To transfer money within QuickBooks between a bank account and a savings account, you can follow these step-by-step instructions:

  1. Open QuickBooks and navigate to the section where you can perform transactions. This could be either the business view or the accountant view.

  2. Look for the “+” sign, usually located at the top of the screen, and click on it. This will open a menu of options.

  3. From the menu, select “Transfer.” This will allow you to initiate a transfer between your accounts.

  4. In the transfer window, you will see options to select the source account (where the money is coming from) and the destination account (where the money is going to). Choose your bank account as the source and your savings account as the destination.

  5. QuickBooks will display the current balances of both accounts. Verify the balances to ensure accuracy.

  6. Enter the amount you want to transfer in the designated field. For example, if you want to transfer $150, input that amount.

  7. Select the date of the transfer. You can choose the current date or a specific date depending on when the transfer took place.

  8. Optionally, you can add a memo to provide additional information about the transfer.

  9. If you want this transfer to occur regularly, you can set it up as a recurring transaction. Otherwise, leave this option unchecked.

  10. Once you have reviewed all the details, click on “Save and Close” to complete the transfer. QuickBooks will record the transaction and update the account balances accordingly.

  11. To view the recorded transfer, go to the “Transactions” section and locate your chart of accounts. You should see the transfer listed under both your savings and checking accounts.

Note: There are alternative methods to record transfers in QuickBooks, such as using the bank deposit feature or matching transactions in the bank feed. However, the steps described above outline one of the simplest and most straightforward methods for transferring funds between accounts within QuickBooks.

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