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August 4, 2022
Question

Create a bank transfer between a SGD and GBP account with base currency being USD

  • August 4, 2022
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1 reply

August 4, 2022

Thank you for contacting us about transferring funds, @tylden-nes-tech

 

You need to record the transaction as a transfer in QuickBooks whenever you transfer money between two accounts. Any of the following methods can be used: 

 

  • Transfer
  • Cheque
  • Matching imported bank transactions* (only available if you have one or more connected banks)
  • Journal Entry (Check with your accountant before making a journal entry)

 

The best way to record a transfer of funds in QuickBooks is to use the Transfer feature if you haven't yet imported the transaction from your bank. You can follow the steps below:

 

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

 

You can locate the recorded transfer by opening each account register in the Chart of Accounts.

 

If you used a physical cheque to transfer funds, you can utilize this article for the detailed steps on how to record this: Transfer funds between accounts.

 

If you have any more queries regarding the money transfer from your business account to your personal account, I'm always here to help. Have a good one.