QuickBooks permits categorizing the transfers in and out for the credit card account and bank for better accounting management. All details regarding the money transfer will display in the accounting software. It will streamline the task and save more time and effort.

The information that is received from bank is analyzed by QuickBooks and then it ensures that the best suggestions are provided to you to accept the transaction. It ensures that once the transactions are downloaded from the financial institutions then you are able to categorize and assign it.

1. Assigning a category, single payee, location or class to the multiple transactions

  • Carefully get each transaction checked for the same information of accounting to the location, class, category and payee. Multiple rows could be chosen by you, just select the first row, hold the shift button and then select the last
  • Then from the drop-down arrow of back actions, tap on Modify Selected and then get those changes done that you wanted to make and then tap on Apply.
  • Transaction will be moved now from the tab of New Transactions to the QuickBooks tab.

2. Assigning the Multiple Categories to the Single Transactions

You might be looking forward to split the transaction, an expense or deposit, between various categories. To do that:

Total Time: 5 minutes

  1. Select Banking

    ➧ Go to left menu and select Banking
    ➧ Then choose the transaction row and choose Split from the right

  2. Enter Amount

    Now in top most line, from the list of Account choose the category and get the amount entered

  3. Complete Process

    Now come to the second line and then get the 3rd step repeated:

    ➧ In order to add more rows, choose Add lines
    ➧ To get the row deleted, select the icon of trash can which appears at the row’s right side
    ➧ In order to get the process of split transaction started again, select Reset

  4. Verify Matching Total

    ➧ Once you verify that the downloaded amount matches the total amount then tap on Save and Add.
    ➧ You will see that the information has moved from the tab of New Transactions to the tab in QuickBooks.

3. Assigning the billable customer to the transaction

If you want to get the billable customer assigned to the transaction, then make sure that you have turned on the billable expenses.

  1. Go to left menu and select Banking
  2. By selecting the transaction row make sure that box is checked for the Billable
  3. Now in the box of Select Customer, get the appropriate customer chosen
  4. In order to get the transaction saved to the register select Add
  5. The transaction will be moved from the tab of New transactions to the tab in QuickBooks.

Accepting the Transaction

  1. Go to left menu and select banking
  2. Get the transaction rows selected and get it reviewed, then get the choices selected in Payee and the Match and Category drop-down list. Make sure that Location and Class is specified
  3. Select Add
  4. You will see that the transaction is no longer seen in the list and moves to the tab of QuickBooks. In case you want you can make the additional changes.

Issues users face while categorizing transfer in QuickBooks

Users might have the doubt that “How the categorizing of inter account transfer will be done?” Expenses and Receivable bank accounts are maintained by you and the money is moved from account of Receivables in order to get the expenses paid out of expense account.

Now the question arises that whether the entry that shows the moment should be deleted? Or should it be categorized differently? And if yes, then in which category?

If you too have any such confusion or looking forward to having more clarity on it, then get in touch with our SMB support team. Efforts are made by the SMB QuickBooks product help team to ensure that all the queries of customers are answered in the perfect manner, without causing delays. Call on smbaccountants.com.

FAQs

  1. What do you mean by using the transfer feature in QuickBooks?

    Using Transfer is a straightforward method for recording a transfer of funds. Here are the steps you need to follow:

    💠 Locate +New option
    💠 Below Other, click Transfer
    💠 Hit on the drop-down button named Transfer fund From to choose the bank account from where the funds are coming out
    💠 Choose the drop-down named from the Transfer Funds To choose the account you need to deposit the funds.
    💠 Now edit the Date option.
    💠 Use the Memo box to write a description.
    💠 Hit on Save & Close button

  2. How can you create a transfer between the two accounts in QuickBooks?

    💠 Imported Bank Transaction
    💠 Transfer
    💠 Journal Entry
    💠 Check

  3. How can I transfer funds by writing a check in QuickBooks?

    Use the Write check window if you want to record the check number and the Transfer of funds. When you start entering the information into the check, ensure that you choose the correct account and funds from the Bank Account box. The amount you mentioned is going to in the column named category.

  4. How can I use an imported bank transaction in QuickBooks?

    Here are the steps:

    💠 Locate Banking option
    💠 Make sure you have chosen the bank account you want to transfer from
    💠 Discover and choose the transaction to open it
    💠 Choose the radio button named Record Transfer and then choose the other account from the drop-down list named Select transfer account
    💠 Hit on a Record transfer
    💠 Choose the bank account to which you transferred the transaction
    💠 Click on the Recognize option and then discover the transaction. 
    💠 The category column should display a match status.
    💠 Choose the Match option from the column named Action.


Further Reading