I have a question, if you do any type of improvements to a property (llc) using money that the owner lend to the llc. How do you record this transaction? I already recorded the loan as equity then moved the money to a llc savings account (transfer) but move the money back (transfer) to pay for the construction expenses. please let me know Thank you
Thanks for your video. Would this also apply to when you transfer balances from one credit card to a new credit card? Would I just set up the new credit card in quickbooks and then transfer? Thanks.
Thanks for your amazing material. Quick question: Do you provide 1/1 consultation services? (via video call) I just started a bookkeeping business, and I don't want to make mistakes with my first client. My transfers are not clear on the balance sheet I need help with that. Thanks
Your videos have been so helpful!! I am a newly appointed secretary in a church and was given instructions by the out going lady, however there is so much she did not cover. Currently I need help with an account number for a person's paycheck. The number is not correct and it keeps recording in the wrong place. I watched you video on transferring funds and will work on that, however how do I correct the entry in payroll so the check is recorded corrected. Thank you so very much!!!
Great lesson! How do you record this in QB Desktop? Scenario #1: Business receives a loan. Funds are transferred from the business loan to the business owner's personal bank (owners draw)? Are the funds that are transferred to the business owner's personal bank categorized as an Owners Distribution (assuming funds will not be paid back to the business). I'm assuming these funds transferred to business owners personal bank account will have to pay taxes on that at the end of the year, correct? Scenario #2: What if the funds transferred from the business loan to the business owner's personal bank account is used to pay back the business owners personal out of pocket contributions to the business?
Thank you so much for your video! This was exactly what I needed. I am not familiar with QBD like QBO where you can easily record a transfer from the bank feed and then it matches to the transfer transaction that was already in the bank feed. So if I create a transfer fund as you've shown in the recommended way is there another step I need to take care of, such as matching to the transfer transactions in the bank feed of each account being transferred, after making that transfer of funds? I hope this is clear enough. When I open my bank feeds I have transactions that are coming in from the bank statements and say "transfer from account 1234 to 5678". Do these get matched to the transfer funds we create, or what happens to them? That is what I'm not clear about.
Thank you for your videos! They are well done and so easy to understand. We are a preschool that awards scholarships. The "fiscal budget" allocates a certain amount to be used for this. The person before me set up a fund under the main checking account in the Register to track the balance available. How do I place each year's allocated funds into the Scholarship Fund without looking like we had a deposit in the main checking account?
Hi - Great video - thank you. BUT....I have Bank feeds set-up. It shows up in my bank feeds but it won't let me assign the from acct, in this case savings. So how do I deal with that?
Thank you so much for this video. Does this method transfer money from your bank in real time or the transfer only happens in quickbooks? I want to transfer money in real time from my savings to checking. How should I do that ? Also how long does the transfer take if its possible to do it ? Thank you
Nice. Thank you. What about if my boss writes checks from one company "A" with bank AcctXX250 to another company "B" BankActXX320. Can I register those transactions as a"Transfer" ???
Thank you for this video! Very helpful on making the banking transfer. However, I am unsure on how to direct the funds into a specific class once I've received them into the correct account. I followed your directions to add the class in the "banking transfer" but it is not showing in that class. Help! Thanks. We do EVERYTHING by class.
In an example, if I transfer funds using quickbooks, say $200 from Checking1 to Checking2. Then I assume I must also go to the online banking system and perform the transfer there as well $200 from checking1 to checking2. What happens in Quick Books when it syncs with the bank accounts and finds $200 less in checking1, and $200 more in checking2? Are there additional steps to perform in QB? For example is there a match function that matches this to your transfer record in quick books?
hi enjoyed your video, I have a dilemma, could you help? I made a journal entry for a truck purchase, Debit Fixed Asset credited Liability. But the monthly payment is coming from outside my business account. When I add a memoized credit to reduce the liability it gets applied as a minus amount to the vendor. can you help? mike
If we have two legal entity and we have wrongly deposit to wrong LE, if transfer like you asking in the video how can see in income and how we clear the invoices against the payment we received
Your videos are very helpful. I have a more complicated issue. We have our two separate bank accounts in different quickbooks files. So we have to log into each one independently, they are not connected. How would I make transfers between two totally separate files?
@@QbuniversityOrg I have a woodshop where I make custom furniture and a small product line. I have been in business for many years. I have Quickbooks Premier Desktop 2021. I need to set up and implement an inventory system for the materials I have on hand and also as I do more batches of product, instead of one-off custom jobs, a way to track inventory costs so I can calculate cost per unit. Any help would be appreciated. Your videos have been a big help in setting up my bookkeeping. Thanks.
@@davidklenk5253 gotcha. For the one off items do you just buy what you need and make it so you don’t really have inventory, just job costs? And for the other production type items you carry an inventory?
Thanks for all the information you share here! I am switching banks, and I want to write a check to the new bank to avoid an ACH fee. The "write checks" window shows expenses and items. I'm just confused how I can make this money transfer with a printed check.
@@QbuniversityOrg Hmmm. Another question I thought of. To write a check, I will have to create the new bank as a "Vendor." So I write a check to the new bank "vendor", then put the bank account in the expense account. Wouldn't this throw out of whack our expenses? Meaning increase our expenses when it's just a transfer. You see I can't do an online transfer from old to new bank, so I'd have to call my business banker and I don't to tip my hat that I'm switching yet.
I have two companies and from time to time I need to transfer ( barrow) money between the two. I assume its the same but will I create a bank for that other company so I can show where the funds went?
How do you record a transfer should the post dates be different? For example, 1 bank account shows a fund transfer on 01/13. The other bank account shows the same exact fund transfer on 01/17.
I have question… I have QB enterprise… i have 10 stores in quick books. We have one store as the main account. When my boss transfer money from one store to the “main “ store I typically enter it as a transfer. But then… that transfer money needs to be applied to outstanding invoices. These invoices are created when we need to replenished the sub stores with inventory. Can you please direct me on how to do this
Thank you sir, very great video. Please when is it appropriate to use "Make Deposit" ? Or can we use the Make Deposit when a weekly or daily sales cash is being taken to the physical bank for deposit by the sales representative or staff ? Because I feel the Make Deposit has a field where the depositor(employee) or whoever name can be plugged in. Thank you in advance.
Yes the Make Deposit function is usually used to deposit money from Undeposited Funds to your bank account. It can also be used for other deposits as well that are not associated with the payment of an invoice or sales receipt
Can I transfer funds for a transaction in one account (savings) that pre-dates the opening of the receiving (checking) account and keep the register chronological?
I don’t think you could do a transfer through the transfer function in QB since it would be the same date. You would have to show it coming out of savings on one date and depositing to checking on anothrr
Does this method transfer from one account to another, work when you withd from one bank via check and puttin in another bank deposit via check? Or should it be done through check register?
I need to show breakdown details on the transfer of which line/category the various parts of the total amount are allocated from for payroll tax liabilities. How do I breakdown the details on a transfer from checking to a savings account?
Do I need to record a joint venture agreement account in qb if I am the partner and contractor on this venture but the original loan is under my jv partners business name? Or should I just record it as another job, keep in mind the profit for this job will be a little more than the average job. There is a hard money lender involved but my company name is only in the separate jv agreement and lender knows my company will be the one remodeling this house. I want to make sure to correctly manage the expenses and contributions as I will be the one making the interest payments on this jv loan. Any assistance is appreciated.
Just change the account it’s going to. So if it’s a checking bank feed and there a deposit of $1,000 but it’s a transfer from savings, change the account to Savings.
Our Habitat affiliate has separate bank accounts for principal and escrow payments. Our escrow company deposited escrow money into the principal account and visa versa. I can transfer the funds as you described but then how do I record the proper payments for each homeowner?
if i transfer money from checking account to credit card account to make a credit card payment, Can i use the transfer funds function? or entry general journal entry?
@@QbuniversityOrg New to QB, do I need to set up an entire account for the Business CC and record each transaction on that account and then just transfer money from Business Account to pay the CC? I obviously don't want to double entry each transaction (on both cc and in the check register), but I do need all of my cc transactions in my balance sheet.
Hi! What about transferring money from personal account to business account via Zelle? On the statements, it shows as a deposit, but I’m having a hard time finding info online on how to record this transfer in quickbooks desktop. Please help!
@@QbuniversityOrg thank you for getting back to me so quickly! Would it be owner’s draw if the money were withdrawn back to personal account via Zelle?
This doesn't work when transfer from checking to designated funds which is categorized as liability. Can you help me with this scenario? The deposit all came to checking but some should have been placed in mission designated category to be available for payout.
I transferred money from owner's savings to business and I have the funds transferred from savings to checking correctly. I want to show the business paying back the owner (as opposed to owner wages). How do I differentiate between paying back the owner and owner's wagse?
You would show it as a payback against the account you used when they put the money in. So, if you showed that owner deposit as "Loan from Owner" for example, then you would show the payback going to that same account
@@QbuniversityOrg Thank you for your response. I guess that is my problem, it only shows as a transfer from personal savings to biz checking. I can't figure out how to categorize is under "Loan from Owner."
Sorry, one more thing. Setting up the two Banks in chart of accounts, I understand that. My concern is when you write the check from Bank A to Bank B does it show as income? We want it to be a neutral transaction on our balance sheet as it would for an actual transfer.
@@QbuniversityOrg great, once again how is the check written to the company or to Bank B. For instance I’m writing the check in the Bank A account is the payee Bank B and what is the item code? Is this an item or and expense?
When my son received his PPP funds, I transferred the funds to my checking account, which is at the same bank as his business checking account so we could keep the funds separate. As he needed the PPP funds, I transferred those funds back to his checking account. How should I have booked it? Thank you in advance.
Do you own part of the business? If not then when you moved it out to your account I would call it an Owners Draw and when you deposit it back put it back to this account
You can do a transfer like in the video for the first one. On the second on you would have to enter it directly in the check register as a shareholder draw
Dang, I entered checkbook entries for 7 months into the wrong bank account. How can I correct that without deleting every entry and then re-entering into the proper bank account?
I just tried the simple way to transfer. I took from checking to a liability. The transfer shows out of bank account but also out of liability instead of adding to the balance. What am I doing wrong? Please help
@@QbuniversityOrg OK my customer made a deposit using QuickBooks right now the money he sent it in was called QuickBooks balance. I have a Quickbooks checking account. I have a regular checking account attached to my QuickBooks account. I would like to transfer the money that is under the road that says quick books balance to my QuickBooks checking account do you have an email so I can send you a screenshot
My husband just passed away and the bank teller told me I had to close the business account in his name. The bank teller did a transfer of the entire account balance from the business checking account to our personal checking account. Now I am not sure how to show a zero balance for our business in Quickbooks Pro 2018 ? Please help me!
When transferring for one account to another using this method and you are writing a physical check and depositing that check into a different account, how do you track the physical check number and later for the purpose of reconciling that specific check? And likewise for the actual deposit and reconciling that deposit?
Please, please correct your video. A labeled “transfer” online for example (1st example ) (between a chk and savings account is NOT the same as a withdraw at the teller from a chk and a deposit in savings. They will be labeled different on the statement and banks do not consider them the same and please do not teach that they can be treated the same in QB.
Be sure to LIKE and SUBSCRIBE...and leave your comments and questions here!
I am so glad we run into these videos. The information is so helpful. Thank you
Awesome! You’re welcome!
I have a question, if you do any type of improvements to a property (llc) using money that the owner lend to the llc. How do you record this transaction? I already recorded the loan as equity then moved the money to a llc savings account (transfer) but move the money back (transfer) to pay for the construction expenses. please let me know Thank you
@@joseserrano3736 once that money is in there you just record expenses and money spent on assets like any other business expense
My goodness this was so easy, I made it more difficult in my head, thank you for educating me. So appreciate it.
Thank you and have a nice day. You have lifted a big weight off my chest. Sending you a lot of ❤.
Welcome!
Thank you. I have more understanding now.😁
@@graceyim2941 welcome!
Very helpful. Thank you for this video. I need to follow you since I have many Desktop issues that come up.
Awesome, you’re welcome!
I always come back to your videos to learn. Thank you.
Thanks!
Thank you so much. You make this so easy!
You’re welcome!
Thank you for the lesson. you help me solved a lot of issues.
You’re welcome!
Thanks for your video. Would this also apply to when you transfer balances from one credit card to a new credit card? Would I just set up the new credit card in quickbooks and then transfer? Thanks.
Yep that works!
straightforward and helpful. Thank you
You’re welcome!
The exact info I needed! Thanks!!
You’re welcome!
Thank you for this video! Would this technique work for transferring money from an investment CD that ended (6 month CD) to the new CD that opened?
It absolutely will!
So easy. Thank you!
You’re welcome!
Thank you so much. Great video. 🙂
You’re welcome!
Thanks for your amazing material. Quick question: Do you provide 1/1 consultation services? (via video call) I just started a bookkeeping business, and I don't want to make mistakes with my first client. My transfers are not clear on the balance sheet I need help with that. Thanks
Your videos have been so helpful!! I am a newly appointed secretary in a church and was given instructions by the out going lady, however there is so much she did not cover. Currently I need help with an account number for a person's paycheck. The number is not correct and it keeps recording in the wrong place. I watched you video on transferring funds and will work on that, however how do I correct the entry in payroll so the check is recorded corrected. Thank you so very much!!!
Do you have a video on transfer fund between two company files? Thank you very much for your videos :)
Yep watch this th-cam.com/video/iw3WUZIMWOE/w-d-xo.html
Thank you so much, i would like to know if it s possible to transfer funds from one class to another. If yes, how can i do that
Yes, to do that you would need to do a journal entry. And class each line of the journal entry to the classes you want to take away from and go to.
Great lesson! How do you record this in QB Desktop?
Scenario #1:
Business receives a loan. Funds are transferred from the business loan to the business owner's personal bank (owners draw)? Are the funds that are transferred to the business owner's personal bank categorized as an Owners Distribution (assuming funds will not be paid back to the business). I'm assuming these funds transferred to business owners personal bank account will have to pay taxes on that at the end of the year, correct?
Scenario #2:
What if the funds transferred from the business loan to the business owner's personal bank account is used to pay back the business owners personal out of pocket contributions to the business?
Thank you so much for your video! This was exactly what I needed. I am not familiar with QBD like QBO where you can easily record a transfer from the bank feed and then it matches to the transfer transaction that was already in the bank feed. So if I create a transfer fund as you've shown in the recommended way is there another step I need to take care of, such as matching to the transfer transactions in the bank feed of each account being transferred, after making that transfer of funds? I hope this is clear enough. When I open my bank feeds I have transactions that are coming in from the bank statements and say "transfer from account 1234 to 5678". Do these get matched to the transfer funds we create, or what happens to them? That is what I'm not clear about.
Yep that’s exactly right. Make the transfer then if you use bank feeds in QBD you would match it
Thank you for your videos! They are well done and so easy to understand.
We are a preschool that awards scholarships. The "fiscal budget" allocates a certain amount to be used for this. The person before me set up a fund under the main checking account in the Register to track the balance available. How do I place each year's allocated funds into the Scholarship Fund without looking like we had a deposit in the main checking account?
Hi - Great video - thank you. BUT....I have Bank feeds set-up. It shows up in my bank feeds but it won't let me assign the from acct, in this case savings. So how do I deal with that?
I would go in and record the transfer like in the video, and then you should be able to match the bank feed to the transaction
@@QbuniversityOrg Thank you!!!
Welcome!
Thank you so much for this video. Does this method transfer money from your bank in real time or the transfer only happens in quickbooks? I want to transfer money in real time from my savings to checking. How should I do that ? Also how long does the transfer take if its possible to do it ? Thank you
Great explanation as usual.
Thanks!
How would you go about labeling a bank transfer within the bank feeds center
Put the account to the other bank account
Hi thanks for your videos. Can be this option used to transfer from my company checking to my personal checking as my payment?
No to do that you would have to enter as a credit in the check register and put it to Owner Distribution
@@QbuniversityOrg Thank you very much for your quick response! Helpful
Nice. Thank you. What about if my boss writes checks from one company "A" with bank AcctXX250 to another company "B" BankActXX320. Can I register those transactions as a"Transfer" ???
This video should explain it: th-cam.com/video/iw3WUZIMWOE/w-d-xo.html
Thank you for this video! Very helpful on making the banking transfer. However, I am unsure on how to direct the funds into a specific class once I've received them into the correct account. I followed your directions to add the class in the "banking transfer" but it is not showing in that class. Help! Thanks. We do EVERYTHING by class.
Did you ever figure this out? I'm having the same issue.
In an example, if I transfer funds using quickbooks, say $200 from Checking1 to Checking2. Then I assume I must also go to the online banking system and perform the transfer there as well $200 from checking1 to checking2. What happens in Quick Books when it syncs with the bank accounts and finds $200 less in checking1, and $200 more in checking2? Are there additional steps to perform in QB? For example is there a match function that matches this to your transfer record in quick books?
Yes exactly. In the bank feeds you would Match these trabsactions
hi enjoyed your video, I have a dilemma, could you help? I made a journal entry for a truck purchase, Debit Fixed Asset credited Liability. But the monthly payment is coming from outside my business account. When I add a memoized credit to reduce the liability it gets applied as a minus amount to the vendor.
can you help?
mike
Since it’s paid outside the company you would need to debit the liability and credit an equity account
Is there a way to code a transfer from the bank feeds waitlist area?
Yeah definitely. Just put it to the other bank account for the account
If we have two legal entity and we have wrongly deposit to wrong LE, if transfer like you asking in the video how can see in income and how we clear the invoices against the payment we received
Watch this I think it’ll help
th-cam.com/video/iw3WUZIMWOE/w-d-xo.html
Thank you!!!
You’re welcome!
Can transfers be reoccurring? Scheduled
Yes just memorize the transaction
Your videos are very helpful. I have a more complicated issue. We have our two separate bank accounts in different quickbooks files. So we have to log into each one independently, they are not connected. How would I make transfers between two totally separate files?
If these are separate businesses then you can create Due to/Due from accounts and record them there
@@QbuniversityOrg can you be more detailed or even make a video for that please? Lol
@@QbuniversityOrg What type of accounts would those be?
Good video, This is going to be in reconciliation?
Yep!
Have you done a tutorial for processing inventory in Quickbooks Desktop Premier?
I have done a few and can do more. When you say process inventory is there a certain aspect you are thinking of?
@@QbuniversityOrg I have a woodshop where I make custom furniture and a small product line. I have been in business for many years. I have Quickbooks Premier Desktop 2021. I need to set up and implement an inventory system for the materials I have on hand and also as I do more batches of product, instead of one-off custom jobs, a way to track inventory costs so I can calculate cost per unit. Any help would be appreciated. Your videos have been a big help in setting up my bookkeeping. Thanks.
@@davidklenk5253 gotcha. For the one off items do you just buy what you need and make it so you don’t really have inventory, just job costs? And for the other production type items you carry an inventory?
Teacher, does all check register info reflects in the financial statements?
Yep it sure does!
Thanks for all the information you share here! I am switching banks, and I want to write a check to the new bank to avoid an ACH fee. The "write checks" window shows expenses and items. I'm just confused how I can make this money transfer with a printed check.
Put it under the expenses tab and simply make the account the new bank account
@@QbuniversityOrg awesome, thanks, kudos, grazi
@@perniculous welcome!
@@QbuniversityOrg Hmmm. Another question I thought of. To write a check, I will have to create the new bank as a "Vendor." So I write a check to the new bank "vendor", then put the bank account in the expense account. Wouldn't this throw out of whack our expenses? Meaning increase our expenses when it's just a transfer.
You see I can't do an online transfer from old to new bank, so I'd have to call my business banker and I don't to tip my hat that I'm switching yet.
I have two companies and from time to time I need to transfer ( barrow) money between the two. I assume its the same but will I create a bank for that other company so I can show where the funds went?
Watch this. It should help:
th-cam.com/video/iw3WUZIMWOE/w-d-xo.html
How do you record a transfer should the post dates be different?
For example, 1 bank account shows a fund transfer on 01/13. The other bank account shows the same exact fund transfer on 01/17.
It’s fine just doing them both on the 13th
I have question…
I have QB enterprise… i have 10 stores in quick books. We have one store as the main account. When my boss transfer money from one store to the “main “ store I typically enter it as a transfer. But then… that transfer money needs to be applied to outstanding invoices. These invoices are created when we need to replenished the sub stores with inventory.
Can you please direct me on how to do this
You should be able to change the Pay From account when you pay bills to change it to the account being used.
Thank you sir, very great video. Please when is it appropriate to use "Make Deposit" ? Or can we use the Make Deposit when a weekly or daily sales cash is being taken to the physical bank for deposit by the sales representative or staff ? Because I feel the Make Deposit has a field where the depositor(employee) or whoever name can be plugged in.
Thank you in advance.
Yes the Make Deposit function is usually used to deposit money from Undeposited Funds to your bank account. It can also be used for other deposits as well that are not associated with the payment of an invoice or sales receipt
@@QbuniversityOrg Okay sir, thank you sir!
@@gabrielchristopher9363 welcome!
Can I transfer funds for a transaction in one account (savings) that pre-dates the opening of the receiving (checking) account and keep the register chronological?
I don’t think you could do a transfer through the transfer function in QB since it would be the same date. You would have to show it coming out of savings on one date and depositing to checking on anothrr
Does this method transfer from one account to another, work when you withd from one bank via check and puttin in another bank deposit via check? Or should it be done through check register?
You can use this method for that
@@QbuniversityOrg thank you so much. You deserve more views and subs. The information you give is invaluable.
@@Mrsdevsgirl you’re welcome!
I need to show breakdown details on the transfer of which line/category the various parts of the total amount are allocated from for payroll tax liabilities. How do I breakdown the details on a transfer from checking to a savings account?
Unfortunately with the transfer function you won’t be able to do that. You would have to do that through a journal entry
In QB Desktop, is there a way to "match" existing transactions/transfers, in each account, that are already on the books - similar to QBO?
Do you mean like when you import bank transactions or use the bank feeds?
@@QbuniversityOrg Yes, for transactions that have already been imported into the Desktop file.
Do I need to record a joint venture agreement account in qb if I am the partner and contractor on this venture but the original loan is under my jv partners business name? Or should I just record it as another job, keep in mind the profit for this job will be a little more than the average job. There is a hard money lender involved but my company name is only in the separate jv agreement and lender knows my company will be the one remodeling this house. I want to make sure to correctly manage the expenses and contributions as I will be the one making the interest payments on this jv loan. Any assistance is appreciated.
Is there a way to change the downloaded transaction from bank feeds to a transfer?
Just change the account it’s going to. So if it’s a checking bank feed and there a deposit of $1,000 but it’s a transfer from savings, change the account to Savings.
When doing a funds transfer is there a way to add a note that would show in my bank reconciliation?
Our Habitat affiliate has separate bank accounts for principal and escrow payments. Our escrow company deposited escrow money into the principal account and visa versa. I can transfer the funds as you described but then how do I record the proper payments for each homeowner?
My QB2022 does not have the class option. Can I add this to mine?
Have you go in to Preferences and turned on Class Tracking?
My good sir, in the QuickReport option for both accounts, why is the transferred amount shown as a negative?
Even in the account that it was transferred to
if i transfer money from checking account to credit card account to make a credit card payment, Can i use the transfer funds function? or entry general journal entry?
You can use the transfer funds function
@@QbuniversityOrg New to QB, do I need to set up an entire account for the Business CC and record each transaction on that account and then just transfer money from Business Account to pay the CC? I obviously don't want to double entry each transaction (on both cc and in the check register), but I do need all of my cc transactions in my balance sheet.
@@kimbowlby4535 yep you sure do and then you would reconcile the CC every month just like the bank account
Can I use this exact way to do it if someone wire transfered me from their bank account to my chequing account.
No this is only for internal transfers between your accounts
How do you add rounting numbers in into a account that your transferring funds to?
In QB you don’t need it. Doing the transfer in QB only transfers amounts in QB. You still have to do the transfer at the bank
How do I transfer deposits from savings to checking? Is it done the same way? I accidently added payment deposits into savings instead of checking.
Yep
@@QbuniversityOrg Genius!!! Thank you!
@@catananzilandscapingconstr936 welcome!
Hi! What about transferring money from personal account to business account via Zelle? On the statements, it shows as a deposit, but I’m having a hard time finding info online on how to record this transfer in quickbooks desktop. Please help!
I would just enter as a deposit in the check register and code as an Owner Contribution
@@QbuniversityOrg thank you for getting back to me so quickly! Would it be owner’s draw if the money were withdrawn back to personal account via Zelle?
@@clearlybeading4718 yep that’s exactly right!
@@QbuniversityOrg thank you again! Do I record this into the Record Deposits icon or just straight to the Check Register?
@@clearlybeading4718 either way works.
This doesn't work when transfer from checking to designated funds which is categorized as liability. Can you help me with this scenario? The deposit all came to checking but some should have been placed in mission designated category to be available for payout.
I transferred money from owner's savings to business and I have the funds transferred from savings to checking correctly. I want to show the business paying back the owner (as opposed to owner wages). How do I differentiate between paying back the owner and owner's wagse?
You would show it as a payback against the account you used when they put the money in. So, if you showed that owner deposit as "Loan from Owner" for example, then you would show the payback going to that same account
@@QbuniversityOrg Thank you for your response. I guess that is my problem, it only shows as a transfer from personal savings to biz checking. I can't figure out how to categorize is under "Loan from Owner."
@@pamowen9328 well, when you deposited his money, what account did you put it to?
How do you actually make tot transfer? With a check? And what accounts do you put in for the check?
How to transfer from a corporate account to buy T bills and then have it come back to the corporate bank account?
You’d have to create an asset account for the T bills. Transfer to there then back when the money comes back
How do I correct the date of a transfer of funds? ex. transfer in the bank was May6 but QB date was May1... How do I correct this?
Pull up the transfer on your screen and simply change the date
how do you record a transfer when you are physically writing a check from one account to the other with an actual check?
I would go into Write Checks and do it that way instead so you can record the check number
Sorry, one more thing. Setting up the two Banks in chart of accounts, I understand that. My concern is when you write the check from Bank A to Bank B does it show as income? We want it to be a neutral transaction on our balance sheet as it would for an actual transfer.
No it won’t show as income. It’ll show as a transfer from one account to another
@@QbuniversityOrg great, once again how is the check written to the company or to Bank B. For instance I’m writing the check in the Bank A account is the payee Bank B and what is the item code? Is this an item or and expense?
Im migrating from Microsoft Money to QB Desktop. How can I import Microsoft Money file into QBD
Honestly I’m not sure. I have never tried that
When my son received his PPP funds, I transferred the funds to my checking account, which is at the same bank as his business checking account so we could keep the funds separate. As he needed the PPP funds, I transferred those funds back to his checking account. How should I have booked it? Thank you in advance.
Do you own part of the business? If not then when you moved it out to your account I would call it an Owners Draw and when you deposit it back put it back to this account
@@QbuniversityOrg Thank you for the speedy replay. Helpful information.
@@judyrubin490 welcome!
How do I record a transfer transaction from A to B account, and then transfer from B account to owner funds?
You can do a transfer like in the video for the first one. On the second on you would have to enter it directly in the check register as a shareholder draw
Dang, I entered checkbook entries for 7 months into the wrong bank account. How can I correct that without deleting every entry and then re-entering into the proper bank account?
Hmm I’m not sure you can. You MIGHT be able to get a 3rd party software that can import. But it may have to be manual
I just tried the simple way to transfer. I took from checking to a liability. The transfer shows out of bank account but also out of liability instead of adding to the balance. What am I doing wrong? Please help
A transfer from the bank to a liability means you are paying the liability which will reduce it. What are you trying to do?
I have a question . How can I transfer funds from quick books to my quick books checking
I’m not really sure what you’re asking?
@@QbuniversityOrg OK my customer made a deposit using QuickBooks right now the money he sent it in was called QuickBooks balance. I have a Quickbooks checking account. I have a regular checking account attached to my QuickBooks account. I would like to transfer the money that is under the road that says quick books balance to my QuickBooks checking account do you have an email so I can send you a screenshot
@@QbuniversityOrg i’m pretty sure I’m doing something wrong. I have not navigated quick books in almost 5 years.
@@WillSanchez1129 is it from a bank feed?
How do I delete a record made in this transaction?
Go to the transaction, open it, go to Edit drop down menu and choose Delete
@@QbuniversityOrg thanks
@@llmm9464 welcome!
What happens when I want to delete transfer between accounts??? How can I do that please.
Just pull up the transfer in the register, go to Edit and choose Delete
Thank you boss....u are so good 👍....
@@b-tinsomnia5844 you’re welcome!
how do i reverse if i did in error?
Just go back and pull it up on the screen and click the edit drop-down menu and click delete
@@QbuniversityOrg Thank you so much. I was looking for a delete/void, but didn't even look up for the edit tab. Thanks
You’re welcome!
My husband just passed away and the bank teller told me I had to close the business account in his name. The bank teller did a transfer of the entire account balance from the business checking account to our personal checking account. Now I am not sure how to show a zero balance for our business in Quickbooks Pro 2018 ? Please help me!
I’m so sorry for your loss! You can show this as an Owners Distribution in QB to zero out the account
Is an "owner's distribution" the same as a "drawing" by the owner of the account?
@@THOMASKOTRABA yes
I transferred money from checking to paypal instead of the other way, how do I get rid of that?
Go to the transfer and delete it
I tried but there is no delete option
@@dawnscheetz5774 if you pull up the transfer on your screen go to the Edit drop down menu and choose Delete or even Void
Thank you, thank you, thank you
@@dawnscheetz5774 you’re welcome!
How do you delete a transfer?
Just go to the original transfer in the register, highlight it, right click, and click delete
I accidentally entered the bill in twice how do I delete it please help
Pull up one of the duplicate bills on your screen and click the Edit drop down menu and click Delete
How do you transfer money from one company to a different company in QuickBooks desktop? What is the best and easiest way?
If it’s going to be paid back then do an inter company advance. If not then do an equity distribution on one and equity contribution on the other
When transferring for one account to another using this method and you are writing a physical check and depositing that check into a different account, how do you track the physical check number and later for the purpose of reconciling that specific check? And likewise for the actual deposit and reconciling that deposit?
I had the same question. I have one bank for taxes and another for operating expenses. My guess would be simply put the check number in the memo slot?
Please, please correct your video. A labeled “transfer” online for example (1st example ) (between a chk and savings account is NOT the same as a withdraw at the teller from a chk and a deposit in savings. They will be labeled different on the statement and banks do not consider them the same and please do not teach that they can be treated the same in QB.
Ok thanks for the feedback!