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Keithb123
July 5, 2022
Question

Transferring funds from one investment account to a new account

  • July 5, 2022
  • 1 reply
  • 0 views

Hi everyone. I work for a small non-profit that is about to close one investment account (we can call this one UBS) and transfer the money to a new account that does not currently exist in our QuickBooks (we'll call this Charles Schwab.) I am ok with the most basic of QuickBooks but have never had to do this before. We are using QB desktop pro. My question is, how do I create the new account and set it up the same as the account that we will be transferring funds out of? I need to be able to record interest and dividends with the new account and I'm not sure how I set that up. I know how to do all of this with the existing account but am not familiar with how to set this up with a new account. Is it possible to just make a duplicate of the original account set-up somehow? Sorry if this is confusing or a very simple question. I'm not the official accountant but I have to help out with this for the time being. I appreciate any help or advice any of you may have! Thanks for letting me join your board!

    1 reply

    T
    TirzahC
    July 5, 2022
    I've got the steps to help you transfer the funds, Keithb123.
     
    To start, let's create a new account in QuickBooks Desktop. Before proceeding, make sure to take note of the UBS account's details. This way, we can set up the new one using the same information.
     
    Here's how to create a new account:
     
    1. Go to the Lists menu and then select Chart of Accounts.
    2. From the Account drop-down menu, click New.
    3. Select an account type, then select Continue.
    4. Complete the account details. Make sure all the details are the same as the old account.
    5. Click Save & Close.

     

    After that, we can now transfer the funds. I'll show you how:
     
    1. Go to the Banking menu and then select Transfer Funds.
    2. Enter the account you want to transfer the funds from (UBS).
    3. Select the account you want to transfer the funds to (Charles Schwab).
    4. Enter the desired amount.
    5. Click Save & Close button.

     

    Aside from making a new account, you can also create a new company file from an existing one. By doing so, it'll copy and use accounts, lists, templates, and preferences from the old file. Then, you can deposit the funds to transfer it.
     
    Lastly, you can run and customize company and financial reports in QuickBooks Desktop. This provides different perspectives of how your business is doing and ensures your records are accurate.
     
    If you have additional queries about the process, please let us know. We'll keep an eye on this thread so that everything is taken care of. Keep safe always!
    L
    Little Lights
    October 23, 2023

    I also have questions about selling and purchasing investments and how to record them in QB Desktop correctly. I need to process bank Rec, but I have never worked with investment accounts. I do have to record Unrealized Gains or (Loss) somehow...  

    D
    Doug900
    March 21, 2025

    What if you take those steps but there is an adjustment needed perhaps for interest?'

    Example

    JP Morgan account has $301,021.85

    [Removed PII] (where the amount in JP Morgan will be transferred has $100,389.60

     

    So I close out the JP Morgan Account and I am off by $648.93

     

    Do I just make an adjustment of $648.93?

     

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