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Sherlock4043
July 12, 2024
Question

Bank transfer

  • July 12, 2024
  • 1 reply
  • 0 views

When making a transfer from one bank to another, how can I post the transaction so each bank's balance remains correct in QBO?

 

To clarify, if I initiate an online transfer today from Bank A to Bank B, the funds will be deducted today from Bank A, and will be deposited in Bank B in a few days.  When I record the transfer in QBO, I am only offered one date, so if I record it today, Bank B will reflect an inflated balance until the transfer is complete.  If I choose the transfer completion date as the posting date, Bank A's balance is too high for those few days.  Is there a way to record the transfer so each bank's balance in QBO is correct on each day?

1 reply

H
Heide DC
July 12, 2024

I'll provide information so you can start recording your bank transfers inside QuickBooks Online (QBO), Sherlock4043.

 

In your situation, you'll want to transfer the funds to a different account inside your company. Please know we have only one date for transferring funds. We can use the clearing account to get the correct dates for the transfer.

 

For example, you'll transfer funds today, and they'll received by the receiving bank the next day. In QBO, you can create an initial or first transfer from Bank A to the Clearing account dated today, and then you can add a second transfer from the Clearing account to Bank B dated tomorrow.

 

Furthermore, here's an article to help you manage bank transactions and reconcile an account inside QBO:

 

 

Always visit us anytime or comment below if you need assistance managing bank transfers or performing tasks inside QuickBooks.  We're always here to lend a hand.

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