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March 30, 2024
Question

How do I connect a customer payment to from my personal account once I electronically transfer the funds to my business account and to the invoice?

  • March 30, 2024
  • 1 reply
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I am new to quickbooks online but used desktop for many years. A customer paid using Zelle to my personal account. I transferred the funds to my business account. How do I match those transfered fund to the customer's invoice?

1 reply

March 31, 2024

I see that you want to link your transferred funds, vwsports. I've got some details regarding how to do it here in QuickBooks Online (QBO).

 

To get started with recording a transfer of funds from your personal account to your business account in QuickBooks Online (QBO), you'll first need to create a Transfer entry. This way, it'll ensure that the transaction is recorded accurately. 

 

In addition, ensure that both your personal and business accounts are connected to QBO before proceeding. Once you've created the transfer entry, you can then link it to an invoice by going to the Receive Payment window. This will allow you to apply the transfer to a specific invoice and keep track of which payments have been received. To link the transfer entry to an invoice, select the appropriate invoice and then choose the transfer entry from the list of available payment options. This will mark the invoice as paid and update your accounts accordingly. 

 

Here's how:

 

Step 1: Create a Transfer transaction

 

  1. Go to the +New located at the upper left corner and choose the Transfer option. 
  2. Click the Transfer Funds From dropdown and click the account that was transferred to your business account. 
  3. Under the Transfer Funds To dropdown, press the name of your business account where the funds were transferred.
  4. Enter the amount that was transferred in the Transfer Amount section.
  5. Once done, click Save and Close

 

Step 2: Link the Transferred funds to the invoice

 

  1. Go to the +New option and choose the Receive payment option. 
  2. Under the Customer dropdown, select the name of your customer. 
  3. Certain transactions will appear in the Outstanding Transactions section and Credits section. 
  4. Tick the invoice and transfer transactions.
  5. Once done, click Save and Close

 

Moreover, you can reconcile your accounts so they always match your bank and credit card statements: Reconcile an account in QuickBooks Online

 

If there's anything that we can help, please let us know by leaving a comment below.