Moving money from one QB account to another?

Sep 12, 2005 7 Replies

Hello!



I have just joined so please excuse me asking a question which may have already been asked recently.



I am still using V.5, have been since it was released and like it a lot and have not been convinced that I would benefit from upgrading! Problem I cannot get my brain around at the moment is this. I have been operating with just one bank account for the business and recently opened a second one. OK so I have now made a new bank account in QB in the same QB file. I have entered a number of payments into the second bank account and entered them in the second QB bank account. Now I want to show a move of money from this new account into the original one to reflect what I have done with the actual bank account if you follow me....please how do I do it?



Many thanks


How did you physically make the transfer, by check?

I know in version 2000 CAN an on there is a Transfer Funds option under the Banking menu. Use that...

If there isn't do this:

Journal Entry from the Banking menu.

Debit New Bank account $XX.xx Credit Old Bank account $XX.xx To record transfer of funds...

No?

In his posting of Tue, 13 Sep 2005, S.M.Serba writes

Very many thanks for the advise. My apologies for not having thanked you earlier but I have been away for a few days. I will give your suggestions a go shortly.

Thanks again for your help.

Cheers

In his posting of Tue, 13 Sep 2005, Allan Martin writes

Dear Allan

Just spotted your reply...sorry for the delay in replying.

OK I have been running the business using one high street bank account and in QB had just the one bank account. Now I have opened an additional high street bank account into which I have been paying in cheques for a new part of the business, and have opened an additional bank account for this in the same file in QB.

Every so often when the funds built up in this second high street bank account I want to write out a cheque from that account to move funds across into my original high street bank account, and naturally I want to show this transfer of funds from my second QB bank account into my original QB bank account.

Thanks

Then just record the check and code the account to the other bank.

>

In his posting of Wed, 14 Sep 2005, Allan Martin writes snip

Thanks but can you take me over that a bit more slowly please

Cheers

S L O W L Y

Write a check to yourself (our your company) from the one checking account, and, in the Account Column of the check (you have to assign an account) use the checking account you want to transfer the money to.

Very Simple

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