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September 7, 2022
Question

How do you create a rule that handles this -transfer funds from one bank account to a different bank account for payroll

  • September 7, 2022
  • 1 reply
  • 0 views
so Money out of Bank #1 and tranfering to Bank #2

1 reply

MaryLandT
September 7, 2022

Hi there, hayden519.

 

Creating a rule to transfer funds between two different bank accounts isn't an option. You can manually transfer funds in QBO using any of the following:

 

  • Transfer
  • Check
  • Matching imported bank transactions* (only available if you have one or more connected banks)
  • Journal Entry (Check with your accountant before making a journal entry).

 

If you select the Transfer option, here's how to record the transaction.

 

  1. Click + New, then select Transfer.
  2. From the Transfer Funds From drop-down, select the bank account that the money is coming from.
  3. From the Transfer Funds To drop-down, 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. Click Yes if you double-checked the date.

 

I'm adding this article in case you'll choose other options: Transfer funds between accounts.

 

In case you want QuickBooks to automatically categorize bank transactions, you can create a rule. Please browse this article to learn how to use the feature: Set up bank rules to categorize online banking transactions in QuickBooks Online.

 

Get back to me if there's anything else you need about making a bank transfer in QBO. Just leave a comment below and I'll get back to you.