Quickbooks Fund transfer form one bank to another

QuickBooks uses funds transfer from one bank to another in order to monitor the transactions and expenses. When quickbooks uses a bank for keeping the account in terms of paying the customers or employees or even vendors it has all kind of bank account related information in it. To handle a bank transfer QuickBooks uses charts of account and can be done by a check, journal entry, transfer or imported bank transaction.

How a bank transfer is Recorded:

  • There is a transfer option in QuickBooks where you can select the bank details for example the funds transfer from the bank to the bank.Transfer amount is then entered with the date memo and save it.
  • We can always write a check to the customers or to the vendors for the transfer of the funds .There is a option to go to transactions then add the transfer select the account number of another bank and click on recognized tab to match the transfer.
  • Reconciliation is done once both the account information is missing so it is done when the payment is recorded on the credit card details.

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Further Reading