I have two bank accounts and would like to record transfers between both the bank accounts whats the best way ,whats the best way to record cash withdrawals from bank?

Answer

Hi gdkjumeirah,

You can use the Transfer funds feature to transfer money from one bank account to another. Let me provide you the steps: 

  1. Click the Plus icon (+) on the Toolbar.
  2. Select Transfer
  3. From the Transfer Funds From drop down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. Enter a description of the transfer in the Memo field.
  8. Click Save and close.
Also, you can set up a petty cash account in your chart of accounts so you'll be able to track your cash flow. Once done record Petty Cash as an Expense account if you wrote a check for cash. Please check this article for the detailed steps: How to Set Up Petty Cash.

Don't hesitate to let us know if you have other questions. I'll make sure to get back to you.
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