Funds Transfer
how can i make a money transfer between two banks and apply the income to a line item in my budget
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dLd_B4Rlqr4iKgacwZ5xHE
07/12/11 11:34am PDT
Viewed by asker 07/13/11 6:05am PDT
Viewed by asker 07/13/11 6:05am PDT
5 Replies
qbteachmt
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Intuit Moderator
Mod/Co-mod
07/12/11 1:42pm PDT
A transfer of funds already on hand is not income. It is just a movement of funds.
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07/12/11 1:47pm PDT
You are correct however I need to show this income on my budget vs actual report not just as income to the account
07/12/11 1:43pm PDT
I think if you use the TRANSFER FUNDS feature to simply record the shift of the asset to the different account. If you running a church or Non Profit like we are, Under our Main Bank Account, I have 3 sub accounts, Unrestricted Funds, Temporary Restricted Funds, and Permanent Restricted Funds. But I dont think you want to report that shift as INCOME in your budget, because that will change your net worth.
07/12/11 1:51pm PDT
I do need to show it as income. The funds were transfered from a savings account to our operating account to added to budgeted line items. I am aware that it will change the net worth and it is not a problem. However the transfer is automatic income to the operating account but i need it to also reflect on my budget vs actual report which is why i need to show it in chosen line items.
qbteachmt
Questions asked: 107
Questions answered: 43430
Points earned: 106571
Questions answered: 43430
Points earned: 106571
Accountant Community AllStar
Advisory council of Accountant community power users.
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Intuit Moderator
Mod/Co-mod
07/12/11 2:02pm PDT
Latest post
You are confusing Income with Banking.
The funds are already on hand. When these funds were processed, they were posted as Income already. You don't do this again.
The issue of Budget is not how you resolve this misunderstanding.
If funds are received in a prior year and meant for a project in the current year, the Budget for the project needs to take into account this is not Income for the project in the current year.
We are trying to tell you the concept that this is income is not correct.
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