Transfers

Quick reference

• 00:04 In this video, I'd like to talk to you about transfers.
• 00:07 Transfers just means that at your bank you transfer money from one balance sheet
• 00:12 account to another.
• 00:14 So most commonly, it's going to be a transfer of checking the savings,
• 00:18 savings to checking, maybe checking to your credit card.
• 00:22 So I want to show you how to do that in a couple of different ways.
• 00:25 The first way I want to show you is by using the plus in the upper left
• 00:29 hand corner.
• 00:30 I'm going to click on that and then under the right hand column titled Other,
• 00:34 there's an option for transfer.
• 00:36 So I'm going to go ahead and click on that.
• 00:39 I can say transfer funds from and I'll use the example of checking.
• 00:45 The money is going to go from the checking account over to the petty cash.
• 00:50 So this might be if you take money out of the bank and you say, you know what I'm
• 00:54 going to have $100 at the office for doughnuts and coffee and so forth.
• 00:59 And see to say I'm transferring $100, I'm doing effective today.
• 01:03 I'm not giving myself any sort of memo, I don't need a memo.
• 01:07 So what I'm saying is I'm transferring money from the account as a bank
• 01:12 to a different account that is called a banking QuickBooks but
• 01:14 isn't really a bank.
• 01:16 In lower right hand corner, I'm going to say Save and Close.
• 01:21 Now I want to show you what that looks like in the chart of accounts.
• 01:24 So we'll go Accounting and then Chart of Accounts.
• 01:28 Let me look at the register for my checking register.
• 01:32 I can see a payment, a withdrawal of $100.
• 01:34 I can see on the left hand side it says transfer and
• 01:38 I can see the account is called petty cash in the front office.
• 01:43 Let me go back to the chart of accounts.
• 01:45 I'm going to look at the register for petty cash.
• 01:47 So I've got petty cash in the front office,
• 01:50 over to the right I'm going to click on View register.
• 01:54 And now I can see here it is, $100 deposited, my ending balances $100.
• 02:00 That's how to record a transfer the manual way.
• 02:03 I also want to show you how to record a transfer when it's information that's
• 02:07 downloaded from your bank.
• 02:09 So what we're going to do this time is we're going to go into the bank feeds.
• 02:12 So on the left hand side of the screen, we're going to click on Banking and
• 02:16 then Banking again.
• 02:17 When I look at my bank feeds, I can see I have two tiles, I have a checking tile and
• 02:22 I have a credit card tile.
• 02:24 In this example, I want to work on the credit card.
• 02:27 I have 237 things to do on my credit card.
• 02:31 So I'm going to scroll down and I'm going to say, well, where should I start?
• 02:35 And I think, I can start with the payments.
• 02:38 That's probably one of the easier ones to start with.
• 02:41 So I'm going to sort my list by received.
• 02:44 So this is money received onto my credit card and
• 02:48 to click it twice to get the big numbers on the top as opposed to the zeros.
• 02:53 So right now, I know that I'm working on my Alaska Airlines
• 02:56 credit card because that's what it says up here.
• 02:59 My list I have 237 things, I can see 237 I've sorted by received.
• 03:06 Now in earlier lessons, we learned that QuickBooks makes bad suggestions.
• 03:10 In this bad suggestion, QuickBooks is suggesting that the $3,000 came from
• 03:14 an account called owner investment.
• 03:17 In my example, the $3,000 actually came out of the checking account,
• 03:22 not out of the owner investment account.
• 03:24 So what I want to do is when I click on this line, it opens up the grey box,
• 03:29 when it look a bit grey box up until now I've seen something looks like this.
• 03:34 And it means that the category circle has been selected.
• 03:38 In this case, I'm going to click the Record transfer circle,
• 03:42 which is just the same as coming up here, clicking New and then Other > Transfer.
• 03:47 I'm going to say, well, I know the money was received into the credit card, so
• 03:51 I don't need to indicate that at all.
• 03:54 But I do need to indicate where the money came from.
• 03:57 In this example it doesn't come from owner's investment.
• 04:00 The money really comes from the checking account.
• 04:03 So we're going to scroll until we find the checking account.
• 04:06 I don't need to make any sort of memo, I know exactly what happened.
• 04:10 I'm going to click Record transfer.
• 04:14 So this transfer is data for 1,5.
• 04:17 We go back to the register, so
• 04:20 Accounting > Chart of Accounts > Checking > View register.
• 04:25 I'm going to click on Date to sort this in date order.
• 04:29 When I do that, I can see the transfer that I just made is sitting right here.
• 04:33 So that's perfect.
• 04:34 If I want I can click this drop down to look at my credit card and
• 04:40 I can see the 1/15 the transfer's here.
• 04:44 Let me go back to bank feeds and I'll show you something a little bit different.
• 04:48 I've got the Categories tab, I've got the 1/15 I can click Undo if I need to.
• 04:55 But I'm just going to click on this blue hyperlink.
• 04:57 What I want you to see, this is the transfer screen.
• 05:00 So this is exactly what we saw when we did it by hand,
• 05:04 except our QuickBooks was nice enough to pre fill some of this information for us.
• 05:09 So I've just shown you a handful of ways to navigate the transfer.
• 05:12 I want to show you one more thing.
• 05:14 You may click on Received again, going in to sort in the received order.
• 05:19 QuickBooks is smart enough to start to learn.
• 05:22 See how it's learned that this money comes from checking 1234 and
• 05:26 over to the right they'll say transfer.
• 05:28 The difference between transfer and add is that when you click on the line and you
• 05:32 open up the gray box, this left hand side either says categorize or record transfer.
• 05:39 See if you watch the blue text on the right.
• 05:40 All right, so we know these are all good.
• 05:44 So I'm going to click one of them.
• 05:46 I'm going to hold down Shift on my keyboard and I click the other one so
• 05:49 that I have all these things.
• 05:51 Instead of clicking Transfer over and over again,
• 05:54 I'm just going to click Accept on the pop up.
• 05:56 So that's transfer.
• 05:58 You can use transfer when you're looking at the list of checking transactions,
• 06:02 the list of savings transactions, the list of credit card transactions, any of them.
• 06:07 It literally means you're transferring from one account on the balance sheet
• 06:10 to another.

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