Solved

Funds Transfer Across Fiscal Years & QB Files

9 replies
0 views

I transferred funds from one account (PP) on 12/31 to (CK), but it didn't post there til 1/3. They are in two different QB files the first in the prior year and the second in the current year. How do I show this transaction in each file?

Using QB Desktop 2020

QuickBooks Desktop

BigRedConsultingAnswer

The starting dates are the same for the file and both accounts, Jan. 1, 2024.

What do I need to enter to show the debit from CK without effecting the PP account?

Write a check & Opening Balance Equity as the account? If so, what do I put in the vendor area?

I think I already addressed that, though I may have gotten the two accounts confused.

If it's the checking account that's missing a transaction on the account's statement, then enter it in the checking account register. Use either an expense/income account, or an equity account.

BigRedConsulting

Record both sides of the transfer on the same day, as one transaction. The day it clears is irrelevant.

Even so, why two files? There's usually no reason to create a new file with the new year.

X

XLevelAuthor

It doesn't allow reconciliation that way.

BigRedConsulting

I'm not sure what you mean?

You can reconcile both sides of a transfer transaction, or a check or deposit transaction used to record the transfer. There's no need for two transactions to do so.

Sign up

Login with SSO

Login to the community

Login with SSO