QB Issue Resolution:

A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. The following are the common uses for a clearing account.

 

  • Move an amount from one AP account to another AP account.
  • Record a refund check from one vendor on behalf of another vendor.
  • Transfer a Bill or Bill Credit from one Vendor to another, e.g., bill consolidation.

Create a clearing account:

  1. Select Accounting from the left menu, then Chart of Accounts and select New.
  2. In the Account dialog, select Bank from the Account Type drop-down list.
  3. Choose a Detail Type drop-down list.
  4. Enter a Name for the account.
  5. Select Save and Close.

After that, you can create a journal entry for both accounts to transfer the money.

 

Here’ how:

 

  1. Go to the Create (+) icon and select Journal Entry.
  2. Fill out the fields to create your journal entry.
  3. Select Save and new or Save and close.

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However, the assistance of an accountant is a must. Your accountant can help and guide on which account to debit and credit.

 

As always, you can contact our customer care agents if you’d like someone to be with you as you go through these steps. They can pull up your account in a secure environment and assist you further. To reach us, please follow these steps:

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. At the bottom, click on Contact us.
  4. Type in your concern then hit Continue.

 

Resolution for Issue 'Transfer money between categories' available: Yes (Solved).
Source: Intuit Community forum.

Transfer money between categories: 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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