QuickBooks Tutorial - Transfer or Expense?
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- čas přidán 6. 08. 2024
- In this video, I walk you through how to correctly record transfers and refunds in QuickBooks Online, specifically when QuickBooks mistakenly suggests recording a transaction as a transfer. This is a common issue that many clients face, and I'll show you how to handle it step-by-step.
By the end of this tutorial, you'll have a clear understanding of how to manage and correct transfers and refunds in QuickBooks Online, ensuring your books are accurate and up-to-date.
Read the blog version with step-by-step instructions and screenshots at: www.gentlefrog.com/change-tra...
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Timestamps:
00:00 - Intro
00:31 - Banking transactions
01:07 - Example transaction
01:40 - Balance Sheet
2:15 - Transfer that should be an expense
3:48 - Changing transaction from transfer to expense
5:00 - Another example transaction
5:22 - Fixing an expense entered as a transfer
#quickbooksonline #bookkeeping #quickbookstutorial
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Gentle Frog, LLC does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Gentle Frog, LLC does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
Thank you, Rachel! I was just able to clear out 4 "Transfers" from my banking in QBO. Whoo-hoo! 😁
Thank you - glad it helped! If you encounter any more issues, let me know! You can also book free 15 minutes session by clicking on the link from the description.
this was super helpful. Just the right balance of simple but educational. Thanks!!
Thanks Michael! If you have any suggestions for videos you'd like to see you can let me know: t3l.short.gy/GentleFrogSuggestions
Thank you.
You're welcome!
Thank you for clarifying QB's confusing transfer option. I appreciate your clear, friendly and concise explanation(s). My books are in balance again and I enjoyed your video.
That's fantastic Tom! I'm so happy to hear that my video helped you get your books balanced 😀
Thank you! You explain very well. Very helpful as I begin my bookkeeping career.
You're very welcome! Helping new bookkeepers is one of my favorite things to do.
Appointments are not just for QB training. I also mentor new bookkeepers. If you ever need any help in your journey you can book some one-on-one time to brainstorm about your bookkeeping business: www.gentlefrog.com/meeting
You are super awesome, thank you for the help!
Thank you! You're comment is super awesome too.
OOOHHH GOSH! Thank you so much! Life saver!
You're most welcome Lizbeth. I'm so glad it helped it out.
Fantastic tutorial! Many thanks.
You're very welcome! ~Rachel
This was awesome thank you so much
You're welcome Virg!
Thank you so much!
You're welcome Carrie!
When you record a transfer you are going to see in the list of the transaction when you do the reconciliation on two Bank Accounts, how we have to reconcile this amount . If you check that transaction it doesn't go too much. The Bank statement, I am missing something; I don't know what. Thank you for your videos. There are really good and professional.
I'm not sure I understand what you're describing. It sounds like you have transactions showing up twice AND transactions that are missing? You can schedule a 15-minute meeting and we can take a look together and figure out what's going on: www.gentlefrog.com/meeting/
Thank you for this video tutorial. But what if he transaction was in prior months? would it be okay to do the same in this tutorial?
Yes, just make sure the date in QuickBooks is the date the transaction actually happened.
Great tutorial. We have a "cash" account in chart of accounts and don't need that there and all of our transfers are now in that "cash account". How do we categorize moving cash from one account to another that is neither income nor an expense?
You can schedule a 15-minute meeting and we can take a look at what's going on and help you get those transfers properly categorized: www.gentlefrog.com/meeting/
Thank you Rachel, great video! If there is a transfer via Zelle, Stripe or paypal or Venmo it should be recorded as an expense?
Also, can you show a video on how to handle these types of expenses.
Hi Rosanne, creating a video for these situations is on my to do list. But in the meanwhile I can walk you through how to deal with these types of transfers in a 15 minute appointment: www.gentlefrog.com/meeting/
@@GentleFrog how much is the cost for 15 min?
I have a client w trucking business.
How do you record advance payments made to subcontractors to pay for repairs, fuel, etc?
Also they receive fuel rebates - where would that go?
Thank you
I need assistance on transfers between two different checking accounts and how to categorize them into the appropriate Chart of Accounts line items when more than one is involved.
Hi Michelle, you can schedule a 30-minute Zoom session and me or Erica will be happy to walk you through the process: www.gentlefrog.com/meeting/
Hello! What if I need to categorize an actual transfer? money in account A was a liability and it was moved into account B as payment. It is no longer a liability (money that I paid myself from a tenant security deposit situation). When I record it as a transfer to account B it reconciles but the balance sheet says account A holds liability. HELP!
You can schedule a 30-minute meeting and I can show you how to do this over Zoom: www.gentlefrog.com/meeting/
Hi Rachel, Thanks for this very useful video! I have one question: There was an intracompany transfer between two bank accounts, we'll say A to B. I had this recorded as a transfer and had both these bank accounts reconciled, but this was obviously not showing on the revenue side of account B which is what I wanted. So I deleted the transaction, went to banking, found the transaction and categorized it to go from account A to the revenue account instead. Then I went to account A through chart of accounts and clicked on the C until it turned to R. Account A was reconciled. However, I am having trouble on account B side. It is now obviously not showing in account B and is showing in the revenue account as an expense instead of a revenue. Would you have any advice to fix this. Account B is now out of balance by the amount too.
I'd need to take a look and see what's going on. You can schedule a 15-minute meeting and we can take a look together and sort it all out: www.gentlefrog.com/meeting/
Is it possible to transfer expenses? say I have a business account with Wells Fargo and I have two credit cards under the same account. When i make payment, the payments get applies to only the primary account which resulted in the primary CC payment is more than expenses...Is there a way to fix this or can I transfer the expenses from the secondary Wells fargo CC bank account to the primary Wells Fargo CC?
I have a couple of videos on corporate credits that might help you out.
Enter a Corporate Credit Card With Cardholder Accounts Into QuickBooks Online: czcams.com/video/vm4ZFGwT47k/video.html
Reconciling a Corporate Credit Card with Cardholder Accounts in QuickBooks Online: czcams.com/video/U1iyaR4-_wA/video.html
If they feel you MUST split the payments, you can change the bank feed button from transfer to categorize and then use splits. This will do what you want but I don't think it's a good idea.
If you need help you can schedule a 15-minute meeting and we can take a look at it together and figure out the best option for your situation: gentlefrog.com/meeting
Hello Rachel, I have a question
A transfer was made between two checking accounts, money was sent from account A to account B and I recorded it on QB as a simple transfer. Nw, the money was returned to Account A without ever reaching account B, how do I record this transaction?
If the transfer was never completed then it won't show up on the statement for B so you should be able to delete the transfer you entered and not have any issues.
@@GentleFrog I understand, now, on bank A’s statement I have two transactions: the transfer (debit) and the refund (credit), how do I match those transactions if I delete the original entry as suggested?
How would i categorize and outgoing transfer being paid to someone, be it zelle or bank transfer?
Ezenwa, a transfer is only for when you're taking money from one of your bank accounts and applying it to another one of your bank accounts. If the money is being paid to someone else, even if it is technically a "bank transfer" in QuickBooks it would be categorized as an expense.
@@GentleFrog hey, great video. and to clarify you are saying one of your bank accounts in QBO to another bank account in QBO right? i have a client that occasionally transfers from his personal savings (not connected to QBO) but still comes up as transfer because a transfer was made but not between QBO bank accounts.