Bank Account

Hi @team-mcsbranding,

you can use journal entries. Go to the "Plus" icon at the top right and select "Journal Entry." -> Enter the date of the transfer.

In the first line, select your current account and enter the amount as a debit (for the amount going out).

In the second line, select the savings pot (or a generic internal transfer account if you don't want to create a new one) and enter the same amount as a credit (for the amount coming in).

Add a description for clarity, like “Transfer to savings pot.” -> Save the journal entry.

This method helps you to record these transfers manually.

Hi team-mcsbranding, thanks for posting on the Community today

You can create a savings account in your Chart of accounts to transfer the funds to and from. Here's how:

1. Go to the Chart of accounts (Take me there)

2. Select New and enter the Account name

3. Choose the Account type (Cash at bank and in hand) and Detail type (Savings) 

4. Complete other fields as you see fit and Save

Please note, as the account isn't connected through Open Banking, it won't appear on your Bank transactions page in QuickBooks (it can only be viewed in your Chart of accounts). 

When it comes to transferring to the savings account, the simplest way is when reviewing transactions in your Business bank account. In the For review tab, click onto the downloaded transaction to expand and then select Record as Transfer. This will then show a Transferred to field where you can choose the Savings account. 

Another way is to record a transfer (from the + New button, select Transfer on the Other menu). This way, you can record transfers back to the Business bank account. 

Thanks for reaching Intuit support. I'm just a post away if you have further questions or require additional assistance.