You can transfer funds between all of your balance sheet accounts using this simple QuickBooks Online tutorial. The Transfer Funds function of QuickBooks Online is used to record funds transfer between bank accounts and merchant accounts or banks and credit card accounts as they occur.
We will be using the sample company file called Craig's Design and Landscaping Services in this tutorial.
1. Log into your QuickBooks Online account and follow the below steps to get started.
2. Click on the "+" quick create icon in the top right navigation bar. Under the Other column, click on Transfer Funds.
3. QuickBooks Online will open up the Transfer Funds screen. Complete the following fields:
Select an existing bank or credit card account in the from field
Select an existing bank or credit card account in the to field
Enter the transfer amount
Enter a memo (the reason for transfer)
Enter the transfer date
You can attach any bank receipt or confirmation of transfer in the attachments field
Click on Save and close button
4. You also have the option of making the transfer a recurring transaction by clicking on the "make recurring" button to create a template.
Add a name for the template
Decide if you want to make the transfer a reminder or allow QuickBooks Online to automatically record the transaction for you if the amount is the same each time
Enter the number of days in advance you want the system to record your scheduled transfer or show you a reminder in your Dashboard
Select your interval for the transfer
Enter the start and end occurrence dates for the transfer
Select an existing bank or credit card account in the from field
Select an existing bank or credit card account in the to field
Enter the transfer amount
Enter a memo (the reason for transfer)
Enter the transfer date
You can attach any bank receipt or confirmation of transfer in the attachments field
Click on the Save template button
Check out my prior blog post for more tips on how to create recurring transactions and edit saved templates in QuickBooks Online.
Let me know in the comments below if this QuickBooks Online tip was helpful to you. Reach out to me if you need a one-on-one QuickBooks Online training session.
