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SunflowerSpaCorp
August 13, 2023
Solved

Convert Trasnfer to Expense

  • August 13, 2023
  • 1 reply
  • 0 views

I'm very new and had an expense that I mistakenly put as a transfer (so I can't now associate it with an expense).  The second one I did, I made an expense right away, and now it shows correctly.  Details:

- We needed to pay business expenses before our business bank account was funded

- We used personal bank account to pay those

- Now transferring money from our business bank account to the personal account

- I was trying to transfer each expense separate, so that it would show up as an expense and I could attach the receipt to it.

- I accidentally accepted an auto categorization that made one of these a transfer

- Now I can't change the transfer to an expense so that I can categorize it correctly.

How do I convert from a transfer to an expense after the fact?  Is there any other way to address the above situation?  (Maybe I'm trying to shortcut too much.)

Thanks for the help.   

Best answer by LeizylM

Hi there, SunflowerSpaCorp. 

 

The option to convert transfer to expense isn't possible. However, if you have incorrectly categorized your transactions,  you can undo the transfer from the Categorized tab. Then, it will return to the For Review tab. From there, you can match it to an expense. 

 

Here's how:

 

  1. Go to Banking from the left menu and click the Banking tab.
  2. Choose the tile for the bank or credit card account you downloaded the transaction.
  3. From the Categorized tab, find the transaction.
  4. Click Undo from the Action column.

 

I've added a screenshot for your reference:

 

 

You may add the transaction that wasn't added in your QuickBooks you may then reconcile your account flawlessly:

 

 

Please know that I'm just a reply away if you need any further assistance managing your bank transactions. Have a good one.

1 reply

L
LeizylMAnswer
August 13, 2023

Hi there, SunflowerSpaCorp. 

 

The option to convert transfer to expense isn't possible. However, if you have incorrectly categorized your transactions,  you can undo the transfer from the Categorized tab. Then, it will return to the For Review tab. From there, you can match it to an expense. 

 

Here's how:

 

  1. Go to Banking from the left menu and click the Banking tab.
  2. Choose the tile for the bank or credit card account you downloaded the transaction.
  3. From the Categorized tab, find the transaction.
  4. Click Undo from the Action column.

 

I've added a screenshot for your reference:

 

 

You may add the transaction that wasn't added in your QuickBooks you may then reconcile your account flawlessly:

 

 

Please know that I'm just a reply away if you need any further assistance managing your bank transactions. Have a good one.

    G
    GCurry
    December 28, 2024

    CHANGED TRANFER TO AN EXPENSE 2 TIMES AND NO THESE INSTRUCTIONS DO NOT WORK. IN FACT THE TRANSFER STILL SHOWS ON BALANCE SHEET BUT NO LONGER SHOWS ANY DETAILS. IF I GO BACK TO THE CHART OF ACCOUNTS IT WILL BE SITTING THERE AS AN EXPENSE EVEN THOUGH I UNDID THE TRANSACTION AND SAVED AS EXPENSE. ANOTHER WASTE OF MY TIME BY INTUIT.

    G
    GenmarieM
    December 29, 2024

    I understand that you want to change transfer into an expense in QuickBooks Online (QBO), GCurry. Let's get into the details about this.

     

    It is important to note that changing transfer into an expense isn't possible in QuickBooks Online (QBO). Moreover, when managing both business and personal accounts, maintaining strict transaction separation is critical to ensure accurate financial records and prevent accounting complications.

     

    After you undo the transaction, exclude it by clicking on the transaction to expand the details and then hitting Exclude button. Next, locate the expense transaction found in your chart of accounts and manually mark it as cleared by using the C to ensure that your financial records remain accurate.

     

    You can check out these screenshots for visual reference:

     

    Moreover, for detailed information and steps in excluding bank transactions, you can visit this article for reference: Exclude a bank transaction you downloaded into QuickBooks Online.

     

    Additionally, for your future reference in case you want to reconcile your accounts, you can check out this article for guidance: Reconcile an account in QuickBooks Online.

     

    Keep us posted if you have other concerns about categorizing your transactions and managing transfers in QuickBooks Online. We're always here to help 24/7.

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