You've got Questions, we've got answers

[Nerd]

Many times as bookkeepers we encounter situations which baffle us! How do I handle this transaction? Or how to I clean up this mess?! I've been fortunate as I have an accounting degree and lots of CPA contacts that I can go to when I have questions. Well now you have me and this forum which will hopefully grow so there will be many people both asking and answering. So ask away and I will being answering!

- Seth aka Nerd

[pennmy]

I transfered $100.00 from one Wachovia account to another Wachovia account online.

In Quicbooks, a
Transfer from Account "A" is showing $100.00 in the Payment Category and the next line is showing

Transfer to Account "B" for $100.00 in the Payment Category. Why wouldn't it show a

Transfer to Acoount "B" for $100.00 as a Deposit instead of a Payment?

It's like that on all of my Transfers from Accout "A" to Account "B". Thanks for your help on this.

[Nerd]

Hi. This is one of the reasons I like to book a transfer between 2 accounts on the same set of books a little differently. It is an extra step but in the end it's much cleaner:
First you could actually book a "Transfer" by clicking banking then transfer. I don't like that method because there isn't much room for comments/memos

1. In the originating account write a check (properly commented) and book it to an account called "Clearing", an other current asset that you will need to create the first time you do this.
2. Go to the destination account and book a deposit and under "From Account" enter the 'clearing' account.

The clearing account zero's out as it should. This way you wind up with a check on one side and a deposit on the other and it's all nice and clean!

Let me know if you have any other questions.

Thanks,
Seth