QB Issue Resolution:

Transfer funds between banks with or without online banking.
Answer ID: 6366

When transferring funds between two bank accounts, when both accounts are in the chart of accounts, the entry must be made with one transaction only–not a check in one and a deposit in the other. The choices for that entry are:

Transfers
Write Check
Make Deposit
Journal Entry

Transferring funds via Transfer is a better option then using the Bank Deposit or Journal Entry screens. It is the easiest to use and easily recognized in the bank register. If a check was used to transfer the funds, you would use the Write Check feature in QuickBooks Online. The one advantage to writing a Check over using Transfer is a place to enter the Check #.

To transfer funds:

Choose Plus Sign Icon > Transfers.
Enter the Date.
From the Transfer Funds From drop down list, select the bank account that the funds are coming out of.
From the Transfer Funds To drop down list, select the bank account that the funds are being deposited into.
In the Transfer Amount box, enter the amount being transferred.
Click Save.

Write a Check:

You would write out the check like you normally do; the key is to make sure the Bank Account listed on top is the account where the funds are coming from and that the account they are going into is listed on the bottom Account line.

Check:

You would write out the check like you normally do; the key is to make sure the Bank Account listed on top is the account where the funds are coming from and that the account they are going into is listed on the bottom Account line.

Downloads:

When the downloaded transaction comes through, if you use Transfer, there will be an suggested match. If you use the Check, only one side of the transfer will be recorded. It would be best to exclude unless the Transfer option is used.

Details
Answer ID 6366
Products QuickBooks Online Simple Start (H)
QuickBooks Online Essentials (H)
QuickBooks Online Plus (H)
Categories Using This Product
Date Created 05/05/2014 11:10 AM
Date Updated 05/07/2014 05:29 AM
Allow Crawling? Yes

Resolution for Issue 'Transfer funds between banks with or without online banking.' available: Yes (Solved).
Source: Intuit Community forum.

Transfer funds between banks with or without online banking.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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