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E
esmith84
March 2, 2021
Question

Transfers between accounts

  • March 2, 2021
  • 1 reply
  • 0 views

The company has an operating account and a Nonbudget account.

A bill was incorrectly paid out of the operating account that should've been paid out of the Nonbudget account.

I classified the expense when I paid it out of the incorrect operating account.  

I then recorded a transfer in Quickbooks online. 

Then scheduled a transfer with the bank.

When the transfer shows up on my register in the Nonbudget account in QB do I just match it to the one I recorded and then I am finished because my expense was recorded in the first transaction?

1 reply

M
MadelynC
March 2, 2021

I’m glad to share some information with you, @esmith84.

 

Thanks for reaching out to the Community for assistance. Here are the things you need to know about managing transferred transactions and how to match them in QuickBooks Online. 

 

Yes, you’ll want to match the transfer entry in QuickBooks to the downloaded transaction from your bank. Since the first and incorrect event was already fixed by creating a bank transfer to correct the account. Please know that you can only match the transaction accurately based on the exact details of your bank. 

 

This article covers how to manage QuickBooks Online bank feeds. It includes matching transactions to makes sure the reconciliation process moving forward is intact and accurate.

 

Don't hesitate to drop a reply below if you need more help with banking. I'll be around to help. Take care always.

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