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April 22, 2024
Question

Can I split when recording a transfer? One check was used to transfer money to two different accounts at a different bank. So I have one outgoing 500k, two incoming 250K.

  • April 22, 2024
  • 1 reply
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As the title states, I wrote a 500k check to one financial institution to open two different CDs. Now I need to record the transfer, but I can only record a transfer from one account to another. This transaction shows up as one withdrawal and two deposits. How would I record this?

1 reply

April 22, 2024

Thanks for joining the Community, darian-brown-tri. I appreciate your detailed information.
 

When you enter a transaction into a register, only one account can be associated with it. If you need to list multiple accounts, you can record multiple accounts in your split transaction.
 

Here's how:
 

  1. In the left navigation bar, go to Transactions, then Chart of accounts.
  2. Find your account for the transaction.
  3. Under its Action column, click View register.
  4. Locate the transaction and use its Edit option.
  5. Detail any other accounts to add with your amount. The amounts for each account should add up to your total amount for the transaction.
  6. Select Save.

 

If you're unsure if you should be creating a split transaction for a particular record you need to enter in your books, I'd recommend working with an accounting professional. In the event you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

I've also included a detailed resource about working with split transactions which may come in handy moving forward: Enter a split transaction into your register
 

Please don't hesitate to send a reply if there's any additional questions. Have a lovely Monday!