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 Online version of this video click here

To transfer money between checking and savings accounts in QuickBooks Desktop, follow these step-by-step instructions:

  1. Open QuickBooks Desktop and go to the “Banking” menu.

  2. Select “Transfer Funds” from the dropdown menu.

  3. In the transfer funds window, choose the date of the transfer.

  4. If you use classes in QuickBooks, select the appropriate class for the transfer. Otherwise, skip this step.

  5. Choose the checking account from which the money is coming from in the “Transfer Funds From” field.

  6. Select the savings account where the money is going to in the “Transfer Funds To” field.

  7. Verify that the amounts shown in the right column (balance) are accurate. If they are not, consider checking for data entry mistakes or reconciling your accounts.

  8. Optionally, check the “Online Transfer” checkbox if it was an online transfer.

  9. Add a memo to describe the transfer, such as “Monthly transfer” or any other relevant information.

  10. Enter the amount of money being transferred.

  11. Click “Save & Close” if you’re done with the transfer. If you have another transfer to enter, you can click “Save & New” to continue or “Clear” to start over.

  12. To view the transfer details, you can navigate to the register of either the checking or savings account involved. The transfer will be recorded there.

  13. If you are using bank feeds, you can match the transfer transaction when it appears in your bank feed list.

  14. Review and approve transactions in your bank feed to ensure accuracy.

Remember, it is important to keep your bank accounts updated and reconcile them regularly for accurate financial records.

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