Tag Archives: banking

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.

QuickBooks transfer fund.png

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.

MoneyWorks accounting software | Set up the default bank account

Software: MoneyWorks accounting software Singapore

When you have multiple bank accounts and like to set a default bank account at the payment or the receipt transaction, you may do so by select the relevant bank account in the transaction and click the “Pin” icon beside it to set it as a default bank account.

Default bank account

Setup default bank account