QuickBooks Banking – Transferring Money Between Accounts

Posted by on Jun 23, 2011 in Banking Module | 0 comments

Recording the transferring of money in QuickBooks between accounts is quite easy. I am going to use the sample company to transfer $5,000 from chequing to savings to show you how.

From the Menu Bar choose Banking/Transfer Funds. Starting from the Date field I will enter in the following information.

Transfer Funds From– Chequing Account, Transfer Funds To – Savings, Transfer Amount 5,000.00. The screen shot on the right displays the information that I have just added.

My next tab will take me to the Memo field where I could insert a comment that might be useful to this transfer, if not, leave the default in the Memo field, tab to Save & Close and click on it.

QuickBooks then creates a journal entry as shown in the screen shot on the left.

Next up – Reconciling bank accounts.

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