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sarahhagan
March 4, 2022
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Changing Business Account

  • March 4, 2022
  • 1 reply
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Good Evening, 

 

I am in the process of changing bank accounts from TIDE to Natwest.

 

As for the quickbooks side of things... do I just transfer all of the money from the old account to the new account and how do I make quickbooks not acknowledge this as an income/outgoing?

 

Also will I be able to keep the transactions from my old account on quickbooks, as I would like to delete my old business account.

 

Thank you in advance for help

Best answer by Kurt_M

Hello there, @sarahhagan. I'll share some details about your banking concern.

 

Here in QuickBooks Online, you can keep all your transactions from the old account. Especially those that you've already matched and categorized. Please know that you won't be able to keep your transactions that are on the For Review tab once you've disconnected your online banking.

 

When you transfer money from one account to another, you need to record the transaction in QuickBooks as a transfer. You can consider using Transfer funds or bank transfer. To begin, these are the steps:

  1. Select +New and then choose Transfer.
  2. From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
  3. From the Transfer Funds to dropdown list, select the bank account that the money is going to.
  4. In the Transfer Amount field, enter the amount being transferred.
  5. Edit the Date field.
  6. Enter a description of the transfer in the Memo field (optional).
  7. Select Save and close or Save and new to complete the transfer.
  8. Select Yes if you double checked the date.

You can find the recorded transfer by opening each account register in the Chart of Accounts.

 

For more information about how to transfer funds between accounts in QuickBooks Online, you can refer to this article.

 

Resources, video lessons, and ideas for managing your company file can be found on our Community Help Articles page. Please visit the website if you require additional information.

 

To help you in the future, here are some articles that you can check:

In case you need further help with setting up your bank transactions to your new bank account. Let me know by leaving a comment down below. I'll be glad to provide additional assistance to your query. Keep safe and enjoy your weekend!

1 reply

K
Kurt_MAnswer
March 4, 2022

Hello there, @sarahhagan. I'll share some details about your banking concern.

 

Here in QuickBooks Online, you can keep all your transactions from the old account. Especially those that you've already matched and categorized. Please know that you won't be able to keep your transactions that are on the For Review tab once you've disconnected your online banking.

 

When you transfer money from one account to another, you need to record the transaction in QuickBooks as a transfer. You can consider using Transfer funds or bank transfer. To begin, these are the steps:

  1. Select +New and then choose Transfer.
  2. From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
  3. From the Transfer Funds to dropdown list, select the bank account that the money is going to.
  4. In the Transfer Amount field, enter the amount being transferred.
  5. Edit the Date field.
  6. Enter a description of the transfer in the Memo field (optional).
  7. Select Save and close or Save and new to complete the transfer.
  8. Select Yes if you double checked the date.

You can find the recorded transfer by opening each account register in the Chart of Accounts.

 

For more information about how to transfer funds between accounts in QuickBooks Online, you can refer to this article.

 

Resources, video lessons, and ideas for managing your company file can be found on our Community Help Articles page. Please visit the website if you require additional information.

 

To help you in the future, here are some articles that you can check:

In case you need further help with setting up your bank transactions to your new bank account. Let me know by leaving a comment down below. I'll be glad to provide additional assistance to your query. Keep safe and enjoy your weekend!

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