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arkvalleyinfo
Dec 11, 2018 3:17 AM UTC
Solved

When transferring money from an investment account to my business checking account how do i record the deposit

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Answer
Dec 11, 2018 3:17 AM UTC

Welcome to the Community, edgardnerphotos.

Let me help you record the deposit when transferring money from your investment account to the business checking account.

You'll just need to record the transaction as Transfer Funds in QuickBooks. Before doing so, I would also suggest consulting an accountant to verify if that's the best route we can take and to ensure that your books are accurate.

Here's how:

  1. Click the Banking menu from the QuickBooks menu panel.
  2. Choose Transfer Funds on the drop down selection.
  3. Select the account you want to transfer the funds from (Investment account).
  4. Select the account you want to transfer the funds to (Business Checking account).
  5. Enter the desired amount you want to be transferred.
  6. Click Save & Close button.

I've attached a screenshot for you.

Please stay in touch with me if there's anything else I can help you with. I'd be more than happy to help.

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7 replies

Anonymous
Answer
Dec 11, 2018 3:17 AM UTC

Welcome to the Community, edgardnerphotos.

Let me help you record the deposit when transferring money from your investment account to the business checking account.

You'll just need to record the transaction as Transfer Funds in QuickBooks. Before doing so, I would also suggest consulting an accountant to verify if that's the best route we can take and to ensure that your books are accurate.

Here's how:

  1. Click the Banking menu from the QuickBooks menu panel.
  2. Choose Transfer Funds on the drop down selection.
  3. Select the account you want to transfer the funds from (Investment account).
  4. Select the account you want to transfer the funds to (Business Checking account).
  5. Enter the desired amount you want to be transferred.
  6. Click Save & Close button.

I've attached a screenshot for you.

Please stay in touch with me if there's anything else I can help you with. I'd be more than happy to help.

churchtreasurer2015
Jul 19, 2019 2:06 PM UTC
I am treasurer of non-profit church which has investment account with dividends and interest transferred to checking account. Problem is that I believe the dividends and interest have to be entered into investment account in order to transfer amount when transfer is performed. I can reconcile investment account with statement but end result is the investment account register is incorrect for the amount of the dividends and interest deposits. The difference is the amount of the uncleared deposits of dividends and interest which do not actually get recorded in investment account summary used to reconcile account.
churchtreasurer2015
Jul 22, 2019 2:51 AM UTC

I received an email and checked it out but all I see is above. Let me help yo...

So how does this work?  I had expected a reply to my question.

edgardnerphotos welcomed to the Community.  But now what???

cmay
Mar 9, 2019 9:11 PM UTC

I did follow all those steps.  I use Classifications.  I Classified the $80k transferred from my investment account to my checking account (the 'class' is "Grants Reception".... however, when I create my month-end profit and loss report as well as my balance sheet, the $80,000 isn't reflected at all.  

 

The funds are in my check register.... we did reconcile 2/28, but why can't I see the $80k on my reports?

Anonymous
Mar 11, 2019 6:00 AM UTC

Hello cmay,

 

After recording the transfer fund in QuickBooks, it should show in all financial reports. Have you tried updating the report period of this report to this year to see if the $80,000 amount will show? 

 

If it still doesn't show up, let's go ahead and run the Verify and Rebuild Data Tool. It helps to restore any damage data file that's causing this amount not to show in the reports. Before performing anything, let's make sure that to save a backup copy of your company file. Then, please follow these steps:

  1. To run the Verify Data tool: choose File, select Utilities, and click on Verify Data.
  2. To run the Rebuild Data tool: choose File, select Utilities, and click on Rebuild Data.

Once done, run any reports again. I'll be glad to help if you need anything else. 

churchtreasurer2015
Jul 22, 2019 2:57 AM UTC

This has never been resolved so don't know why it says "Solved"/

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