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jasonclose
January 18, 2022
Question

How to categorize transfers to other trust accounts?

  • January 18, 2022
  • 1 reply
  • 0 views

We have a main trust account that is utilized for distribution.  Funds can come into this account as either deposits, or as transfers from other accounts.  They then often leave this account as transfers to other accounts.  These accounts often have deposits made erroneously, so we have to transfer money back into a correct account.

My question is, what is the best way to log a non-income transfer into an account, and then a non-expense transfer out of the account?  What are the best categories to use for this?

Thank you.

1 reply

Rustler
Rustler
January 19, 2022

Category is intuits word for expense, income, asset, liability - very misleading in my opinion

 

Transfers are just that, a transfer, you are moving money from one location to another.  Use the banking menu and use bank transfer, or enter a check marked as EFT for the number and use the other bank account as the expense(reason) for the check

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