I need to write a check from old ABC Bank to fund new XYZ Bank. I have created the new checking acct for XYZ but if I post the check to that account then the "real" deposit will duplicate the amount transferred. What's the best way to do this?
banking>transfer funds enter all info. date, amount and most importantly scroll down for the from: and to: account. If you already entered the real deposit in the new xyz acct. just delete it.
click on thumbs up on this note if your ? is resolved else feel free to ask more ?
The new account was established using your method and is now active. I'm going to close out the old account so I need to transfer, via check and deposit, the balance of the funds. I think that is what is confusing me. When I write the check, payable to the new account it transfers the money. But when I create the deposit it duplicates the amount moved. Does that make sense? I'm sure this is simple but I'm a little confused.
Do one or the other, use the transfer function or write-check coding to the receiving account in the "account" box of the check, but no need to do both or twice. It's the same thing - same difference.
I have a similar question as Sunrise. However, I am not closing any account.
Some of our customer wire funds to our secondary, less used Wells Fargo checking account.
When I receive the funds, I mark the customer’s invoice paid in the system and record the E-Check and deposit to our Wells Fargo checking.
Then as the need arises, I write a Wells Fargo check for some of those funds and physically deposit that check in my primary checking account at other bank.
I used the “Write Check” option to record the check written from Wells Fargo. But shouldn’t I also record a deposit of this check to our other checking account? After all, the balance of the primary account has been increased while the Wells Fargo account has decreased.
If I were to use the Banking/Transfer funds option instead of “Write Check”, how would I be able to make a record of that check used and how would I get Quickbooks to print that check? And would Quickbooks debit our WellsFargo account balance and credit the checking acct balance at the other bank?
It seems like "Write check" is a better option, but shouldn't I also record that deposit?
Think of the transactions as separate activities. When you write the check - code it to a petty cash account (not the bank#2 account), then deposit the funds in bank #2, coding the deposit source to the same petty cash account.
When you write the check it will decrease your Wells account (credit) and increase cash on hand (debit). When you deposit the cash on hand in Bank #2, it will decrease the cash on hand (credit) and will increase Bank #2 account (Debit).
The "real" deposit is the transfer. Create the new account with $-0- balance and use the "transfer funds" under "banking" tab to transfer that initial deposit.
