QuickBooks transfer fund
Software: Intuit QuickBooks Desktop
QuickBooks has an easy way of recording a transfer fund from a bank to another. You may have a bank for trading and another to facilitate the repayment of a loan or for payroll purposes which you may require to ‘top-up’ from time-to-time,
From the Transfer Fund wizard, record the amount, To and From bank account, enter an exchange rate if it is a foreign currency transfer and hit the ‘Save & Close’ button and the system will take care of the transfer fund in the accounting system without you worry about the double entry.
You can delete a transfer from the Edit menu if you discover a mistake made after the transfer fund. Although QuickBooks has a deleting feature for the transfer, you should not remove any bank related transaction if reconciliation has already done. You should consider passing a general journal to reverse the entry instead.
Contact us if you are considering upgrading your older version of QuickBooks Desktop.