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texasfoodie
July 14, 2020
Solved

When you transfer money between a business account checking and savings are both transactions considered a transfer or is one considered a a transfer and the other a deposit?

  • July 14, 2020
  • 3 replies
  • 0 views
Original commenter did not share additional details
    Best answer by JamesDuanT

    Hello texasfoodie,

     

    Yes, you'll categorize the transactions as Transfer if you're moving funds from your business to personal account or vise versa. They will be excluded from estimated taxes calculation. You can use these links for reference:

    Let us know if you need anything else. Have a great day!

    3 replies

    J
    JamesDuanTAnswer
    July 14, 2020

    Hello texasfoodie,

     

    Yes, you'll categorize the transactions as Transfer if you're moving funds from your business to personal account or vise versa. They will be excluded from estimated taxes calculation. You can use these links for reference:

    Let us know if you need anything else. Have a great day!

      C
      CoronelS
      September 7, 2021

      I thought Texas Foodie was asking my question.  How do characterize the transaction when I transfer idle funds from business checking to business saving?  My Quickbooks doesn't seem to offer me a way to make that transaction a "transfer", it just records the downloaded transaction as another deposit.

      A
      AbegailS_
      September 8, 2021

      Thanks for joining the thread, @CoronelS.

       

      I'm here to help you locate the transfer option when categorizing your bank transaction.

       

      Your browser's cache might be the reason why nothing happens when you try to select the transfer category.

       

      Let's start by opening your account in a private or incognito window. This mode doesn't keep track of your searches. You can use the keyboard shortcuts below: 

       

      • Google Chrome: Ctrl + Shift + N
      • Mozilla Firefox: Ctrl + Shift + P
      • Safari: Command + Option + P

       

      Here's how you can categorize a money transfer in QBSE:

       

      1. Go to the Transactions menu.
      2. Find a transaction on the list.
      3. Select Business if the transaction was for business, or select Personal for personal. If the transaction was both, select Split.
      4. Review the category in the Category column. QuickBooks tries to categorize transactions for you.
      5. If you need to change the category, select the category link. Select a general type, and choose a more detailed category.

      .

      I'm adding some links on how to customize categories and updates to expense categories for your reference:

       

      If you have any follow-up questions about the transfer option, please let me know by adding a comment below. I'm more than happy to help. Keep safe!

      E
      Ethel_A12
      October 15, 2021

       

      Hello there, @texasfoodie.

       

      Yes, you can recategorize a transaction in your QuickBooks Self-employed account. No worries, I'll be giving you the steps to do it.

       

      Here's how:

       

      1. From the left menu, click Transactions.
      2. Find the transaction on the list.
      3. Choose the Business account if the transaction was for business, or select Personal for personal. For the transaction for both, choose Split.
      4. Review the category in the Category column. 
      5. To change the category, select the category link. Choose a general type, and choose a more detailed categorization.
      6. Click Save.

       

      Refer to this article for more information about the process: Categorize transactions in QuickBooks Self-Employed.

       

      I'm also adding this article you can check in the future to categorize money transfers in QuickBooks Self-Employed: Categorize money transfers in QuickBooks Self-Employed.

       

       Stay in touch if you need additional information about recategorizing transactions. I'll be right here to help you.

      F
      Funmilayo-
      June 11, 2022

      In ledger what am I going to classify it to payable and receivable ?

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