Good day, VincentHS.
In QuickBooks Online (QBO), we can record a bank transfer to transfer funds between two accounts.
I'll show you how:
- Click on + New.
- Choose Transfer.
- Select the bank account that the money is coming from in the Transfer Funds From dropdown list.
- In the Transfer Funds To dropdown list, select the bank account that the money is going to.
- Enter the amount in the Transfer Amount field.
- Change the Date field.
- Hit Save and close or Save and new to complete the transfer.
- Select Yes if you double checked the date.
Another option is to create a cheque to record your transfer. Check out this article for more information on the process: Transfer funds between accounts.
If both RMB and PHP are foreign currency accounts, you must first transfer the funds to your home currency account. Then transfer it to a different currency account. Moving funds in QBO uses one foreign currency at a time.
You can also utilize a third-party app that allows you to transfer funds between foreign currency accounts. Just hover to the Apps menu and look for an app from there.
I've added this link for reference in reconciling your accounts so that they always match your bank and credit card statements: Reconcile an account in QuickBooks Online.
Keep me updated by leaving a reply if you still require assistance with transferring funds in QBO or managing your accounts. It is always a pleasure to assist you in running your business efficiently. Take care!
