I have some steps that can help you with the transfers, learningthisstuff.
You can manually reconcile the transfer recorded in your personal bank account. Then, exclude the lump sum transaction that showed up on the other bank. This way, the amount will not add as an extra income in your bank register.
Note: Please make sure to consult with your accountant before doing the process. This is to ensure you have an accurate financial report at year end.
To manually reconcile a transaction, you can follow these steps:
- Click the Gear icon located in the upper right-hand corner.
- Under Your company, click Chart of Accounts.
- Click the View register link of the account where the transaction was transferred to.
- Find the transaction and click the transaction to expand.
- Click the Reconcile column (Indicated by a check mark) until you see the letter R.
- Click Save.
For excluding a transaction, here's how:
- Go to Banking and select the other bank account.
- Find the transfer and put a check mark on the box.
- Click the Batch actions drop-down menu and select Exclude Selected.
Once done, you can see the transactions to the Excluded section. I'm also adding this article for more information about transferring funds between bank accounts.
I'll be around if you have additional questions about transfers in QuickBooks. Thanks.
