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sabahat Ikram
July 28, 2021
Question

Re: Show accounts with zero activity on reports

  • July 28, 2021
  • 1 reply
  • 0 views

Hi,

We are using two @books11249 subscriptions for our two branches of company.

I am transferring amount form AED account to PKR account.

In my AED Quickbooks account i have shown this as a transfer but all the expense details i have for that PKR amount in my another Quickbooks PKR account.

At the end of every year my AED account is showing balance in that account.

Which shows that i have a lot of money in that PKR account but i have entered all the expense of that amount to my another PKR account. How i have to adjust that transferred amount to my AED account ?

Please advise.

    1 reply

    R
    Rea_M
    July 28, 2021

    You're already on the right track in transferring funds from one account to the other in QuickBooks Online (QBO), @sabahat Ikram.

     

    When you move money from one account to another, you’ll need to record the transaction as a transfer in QuickBooks. With this, you'll have to record transfers on each branch of your company to balance your accounts (AED and PKR) and keep your data updated. Then, you must enter the transfer as one transaction that affects both accounts, rather than entering a cheque in one account and a deposit in the other.

     

    To do this, here's how:

    1. Go to the + New button.
    2. Select Transfer.
    3. From the Transfer Funds From the dropdown list, select the bank account that the money is coming from (i.e. PKR).
    4. From the Transfer Funds To dropdown list, select the bank account that the money is going to (i.e., AED).
    5. In the Transfer Amount field, enter the amount being transferred.
    6. Edit the Date field.
    7. Enter a description of the transfer in the Memo field (optional).
    8. Select Save and close or Save and new to complete the transfer. 

     

    To learn more about transfers, you can refer to this article: Transfer funds between accounts. It also includes details about recording a transfer using a cheque and matching them in your imported bank transactions.

     

    Once you're done with the transfers, I'd recommend verifying them by opening each of your account's (AED and PKR) register and/or pull up a QuickReport in the Chart of Accounts. To do this, go to the Chart of Accounts page from the Accounting menu. Then, select either the View register or Run report option under the Action column.

     

    Feel free to let me know if you have other concerns about transferring funds in QBO. You can leave a comment below, and I'll gladly help. Take care and stay safe.

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