QuickBooks Online: Transfers & Credit Card Payments

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Table of Contents:
00:00 Intro
00:31 What are Transfers / When to use them
02:54 Transfers in Bank Feeds (and NEW FEATURE)
09:00 Credit Card Payment (Pay Down Credit Card)-
12:50 Transfers vs. Journal Entries
14:46 Paired Transaction (Recognized Transfer)
20:26 WHY SHARE THIS VIDEO

Official QuickBooks Online 2024 Tutorials Playlist:

[lcopeland]

You are super amazing Hector!
I'm new to Quickbooks and was struggling to understand how to categorized an online transfer of one credit card to another credit, but now I think I finally understand. I plan to continue watching all of your video's. I sure wish you had a class that offered hands-on training because I would pay just about anything to attend your class. For now, I feel lucky and blessed to have found your video. Thanks again, Hector

[beccalambertson]

Hector, as always thank you so much for this! I feel like I've explained this so many times -- but you have done such a great job here and covered it so completely that I'll be sharing this from now on as needed. You're the BEST! I really don't know what we would do without you around -- I feel like you are our voice.

[MaxProfitBookkeeping]

Haha! As soon as I saw the cover of this YT video, I started laughing hysterically. Yes! This is THE number 1 thing I tell my clients not to use. It creates so much havoc. Thanks for the video! I will be sharing with the clients that need a reminder.

[brynnmatthews]

Yes! I noticed that right away when I helped a friend with her Quickbooks online. I was still new to QBO and found it interesting how any of her 'E transfers' that came in were matched as a transfer by default. I showed her how to click 'categorize', and she could then record her etransfers as her deposit which was actually income. But wow- the uncategorized asset was so strange! Glad it got changed.

[KFACE]

Thank you!!! I could not figure out what the issue was with transfers!!!

[KarenFugett]

This is exactly the information I have been searching for. Clear and concise for dummies :). New to QB and lots of catch up to do (while trying to learn as I have been "handed the baton" ) I will be signing up for whatever courses you have available. Thank you, thank you, thank you. You are an incredible teacher.

[shenamaeenclonar]

Thank you for always uploading new videos every day. Could you also make a video on how you usually review the Balance Sheet and Profit & Loss? It would be great to hear some useful tips on this topic.

[mike]

Also, (sorry Hector. I do love your videos…)
I do use transfer for my real estate loans as well.
1st of the month let’s say I get $4200 debit come up in my bank feed on my checking account. I split and record the transaction 3 ways. 3 accounts.
Principal applies to loan listed in liabilities
Interest account
Escrow account
Then hit the transfer button.

[Armando-nrlz]

Thank you for the great content. Couple questions: 1- When I record a transfer from X bank to Y bank, it is doubling the transfer and does not consider that there are bank fees paid, and keeps original amount (i.e. 19000 from X is recorded as 19000 in Y) although the bank statement shows that it was deposited as 18500
2- How to reflect the bank charges and fees on the transactions/transfer/credit card payments that we make

[georgiamelendez]

Mr. Garcia, thanks very much! Awesome indeed 🙏🏾

[scottsnyder]

At 18:07 you made a VERY important comment that you need to make a video about. You said "unfortunately, it doesn't delete the transfer..." I have been trying to understand how the "Undo" action works in the "Categorized" list of transactions in the bank feed. I have incorrectly accepted some credit card transactions, so I have used the Undo action, but I feel like there may be residual entries that are not also removed and that continue to impact my books. You might consider a video that explores the use of the Undo action and the other steps a user might need to take to address an incorrectly accepted transaction.

[thompsonwife]

Great information! My issue is there’s a transfer in my QB that is not on my bank statement or credit card statement. I would love your advice on what to do about that 🤔

[susanrosegale]

Hector - I love your channel, and I am so glad you covered this topic. Thank you!

[jenniferwhite]

Thank you for this video Mr. Garcia! I have a tricky situation, which is categorizing a balance transfer from one business credit card to another. What is the best way to handle this situation?

[mfarooqahmed]

Love you hector from Pakistan.your videos are always so helpful

[meganshook]

You touched on it but didn't say what you prefer - so you do not recommend an incoming transfer from the owner's personal checking/savings into business checking to be a transfer, should we categorize it as a deposit - uncategorized income, create a deposit? Any insight would be so helpful! I love your videos, they are always so helpful!

[ParamountTaxProvo]

Hey Hector! Love your videos. You explain everything the same way that I do, and love and hate the same features... I feel like we might be the same person. :)

[guanzhuguangming]

Thank you Hector for all this information! Is there a video where you explain how to categorize a Credit Card Credit? Once the refund is recorded as a credit card credit, qb online is asking if I want to match it or if I want to look for other matches. I only want to categorize it as a credit card payment and get it out of the bank it be good to match it when qb online offers a match?

[BabyBossBoi]

Also, transfer can be useful when the 2 accounts are in different currency. For example, Amazon Canada account deposits money to my US bank account. Normal categorize function doesn't support currency conversion.

[marakomukai]

Hector!! You're the best explaining, thank you so much for sharing your experience <3 Do you have like a full course for QB beginners? I would sign in!