how to transfer between accounts
I have a customer how frequently transfers money between his two separate LLC’s to pay bills. To document the transfer in Quickbooks Online he simply completes a transfer from one LLC to the other using an Inter Property account. For example, let’s say he transfers funds from Business A -Checking to Business B – Checking. To document it in QuickBooks Online he goes to Plus (+) Sign then clicks Transfer then shows funds transferred from “Business A- Checking” to “145 Inter Property Account”. He then completes another transfer from “145 Inter Property Account” to “Business B - Checking”. Once the online banking transactions are downloaded he then matches the transactions. Is this all that needs to be done?
He is bad about depositing checks from his tenants to the wrong checking account. When he transfers the funds to the correct business account he also does it the same way listed above. Is that correct? Can’t he simply transfer directly from Business A Checking to Business B Checking since it was deposited in error?