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ericcloughdvm
December 20, 2022
Question

Problems transferring money to and from Envelopes

  • December 20, 2022
  • 1 reply
  • 0 views

I should have known this would happen....

QuickBooks Online sent me a notice in October saying that QuickBooks Checking would no longer pay interest unless I moved money into an Envelope.  So I moved most of my funds into an Envelope.

It's been nothing but unresolvable problems since doing so.

1. I cannot seem to transfer money from my linked external checking account directly into Envelopes.  I tried doing this, and while the transfer is listed under the QuickBooks Checking ledger, after two weeks, it still says "Pending."

I called my local (external) bank after talking with QBO customer service and they never received a request from QBO.  After becoming frustrated with this, I decided to start moving my Envelopes money back into my external bank.  These transactions never got acknowledged or posted by QBO -- normally I get an email.  

Today I tried a different method: I transferred Envelopes money back into QuickBooks Checking -- this DID get acknowledged (via email) and posted.  Next step will be transferring that money from QuickBooks Checking back to my external bank.  We'll see if that works.  

What's upsetting is that during my hour long phone call a few days ago with a QBO rep, at no time did they instruct me to do this, I had to figure it out myself.  

So I'm assuming that all money going into or out of Envelopes must first pass through the non-interest bearing QuickBooks Checking account first.  

2. In the QuickBooks Checking ledger, interest payments are no longer listed.  I found out you have to click on the name of the Envelope you created to see the interest payment on a separate ledger.  Why does this have to be so confusing?  The QuickBooks Checking account total (balance) should reflect all interest paid on all Envelopes, as the Envelopes are supposed to be partitions of the QuickBooks Checking account.  Evidently, they are treated as separate accounts when it comes to interest, yet the primary QuickBooks Checking account only reflects deposits and withdrawals.  

 

Every time QBO lures its customers into using a new feature, it seems that their reps haven't been educated  on how to use it, and we are left to figure it out ourselves after hours of non-productive phone calls passed from one department to the next.  

1 reply

KlentB
KlentB
December 20, 2022

Hello, ericcloughdvm. I appreciate your time for continuing to let us know how the changes impacted you and your business.

 

I understand the frustrations that you have regarding this process. I'll also take note of your experience with our representative so we can submit proper feedback to our Management Team.

 

Let me give you a bit more context about the new updates. The system tracks everything through your QuickBooks Checking account. This means that funds should always go or pass there first before it moves into an envelope or your external bank account. You'll see this movement in your statement history. 

 

Further more, when you put money into an envelope, it's separated from the rest of the money in your QuickBooks Checking account. Take note that the interest your envelopes earn is paid directly into that ledger. You will have to click each envelope to see the amounts and transaction history.

 

Having these information to be reflected in the total balance would be a great idea, so users won't have to select each partitions. To help improve your experience in the program, I recommend sending feedback to our product Development Team. Here's how:

 

  1. Click the Gear icon at the top.
  2. Choose Feedback.
  3. Enter product suggestions. 
  4. Select Next to submit your comments.

 

 

To learn more about how QB Checking and envelopes work, you can visit our FAQ page.

 

Feel free to reach out to me anytime whenever you need have questions about money movements. I've got you covered. Take care!

 

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