General Journal

Fiscal Manager KLCCOA · ‎February 25, 2025

I need to show a couple transactions that seem to be eluding me. I will start with how the transaction went and then what I need it to show.

Funds were withdrawn from an investment account (Edward Jones) and deposited into one bank account. That same amount was then transferred to another bank account, then withdrawn via ACH for a bill. Normally I would do a bank transfer except we need to see everywhere it goes in the Profit & Loss.

I need the P&L to show it was deposited into an income account under a specific class code, then show it coming out of an expense account under that same class code (this part is just moving from one expense class code into an income account under another class code). This starting to sound simple to me, but I am having trouble getting the funds to show up in the P&L the way I want and go in and out of the bank accounts correctly for reconciling.

Can anyone help with this?

Rainflurry · ‎February 26, 2025

@Fiscal Manager KLCCOA

"This starting to sound simple to me, but I am having trouble getting the funds to show up in the P&L the way I want and go in and out of the bank accounts correctly for reconciling.

Can anyone help with this?"

Is the Edward Jones (EJ) investment account a business account? If so, the income is recorded as the offset when you increased the EJ Investment balance at the time of the transfer to Bank Account 1. Debit EJ Investment, credit Income or, if you recorded unrealized gain, debit unrealized gain, credit income. Then, it's just a transfer from Bank 1 to Bank 2.

The expense is recorded when you enter the bill in QB. Then pay it from Bank 2.

You didn't mention if you're on cash or accrual basis but using a bill and paying it from Bank 2 will allow QB to accurately report the expense on either basis.

Fiscal Manager KLCCOA · ‎March 03, 2025

I am on Cash Basis. My problem is more so in the visual side. I need the money to show up 4 different places on the Profit and Loss, as well as the showing the debit and credit transactions to the 3 different accounts. The investment account is a business account.

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