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.
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
I kinda like uncategorized, it gives me one place to go back to in order to review transactions that i need to ask my accountant about or just give extra thought to.
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.
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.
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.
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. :)
Hey Hector, I am stuck on a transaction. There is a payment that is in my bank feeds that came in at $400 but in my credit card feed it came in as 226.92. It’s not giving me an option to match it so I can resolve the difference for interest. Can you help with this? Thanks in advance
Delete the $400 one And figure out what the real transaction is, or modify $400 one to match the reality. $173 interest in a $400 transaction makes no sense
I wish there were an additional function for the record as credit card payment, especially when dealing with multiple subaccounts, instead of excluding the transfer payment and creating an expense to properly record the payment.
Hi Hector! Quick question is it possible to create a savings account as a bank register that is actually not a real bank account and be able to transfer money into for a future business trip? And if not how would that be processed, saved and/or recorded?
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.
Would love a video on using estimates - and why does QB not have a feature that allows the customer to accept or reject an estimate when you've emailed it to them, or am I just missing it? Best I can tell, you need a third party add-on to do that, is that correct?
Thank you Hector. What about if you make a credit card PAYMENT from a checking account. Once both transactions are showing on the feed but you need to split the card payment into principal and interest then the bank transaction is no longer showing as a pair or match . Am I supposed to "add" that transaction into the checking split up as in the credit card feed? I dont want to duplicate the entry. Thank you
Hello Hector. Thank you so much for the video. What if intercompany A pays intercompany B’s credit card bill? How to categorize it? I’m a little bit confused because I’ve seen that it was categorized as transfer- transfer to due to/from B. Or expense it in company A side and make a journal entry in company B side? Please let me know which way is correct or any correct way.
It goes in the Due To/From account. Could be a “Transfer” or could be an “expense” transaction… as long as its going to the right balance sheet account..
Hector- thank you for these videos. i am new to bookkeeping and always turn to your channel when I have QBO questions. QUICK QUESTION- What do you suggest for Lines of Credit? My boss has a bus checking account and bus line of credit from the same bank. the previous bookkeepers recorded money moving btw these accounts as "transfers." is this ok? He also has another line of credit from a different bank that gets recorded as expenses. What would you suggest as best practices for these transactions?
Hi Hector. I very much appreciate all your videos. I have a question, why you do not like to use transfers between a Business account and a Personal Account? I have a client SMLLC that does draws all the time and I use transfers to record the transaction. Am I doing it wrong?
my client always making record transfer but the amount is different. from paypal to chase. the paypal has a fee. from paypal 600 and the chase will receive it 595. when i reconcile it has a difference. what is the proper way. thank you!
@@HectorGarciaCPA so when credit A is the one recording the expense and credit card B for payment, can I transfer the expense from Credit card A to credit card B so that it would offset the payments made in Credit Card B?
@@HectorGarciaCPAi have this credit card that records expense and the other credit to pay off that expense. Can I use the transfer for this type of transaction?
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?
Great video Hector. I am a fan, I watched a lot of your videos, great material. I have a question which i asked in the Quickbooks community but I keep getting the same answer that I found by searching. Here is my situation: I am using QBO plus, I am a sole propietor, I need to track actual my vehicle expense, things like fuel, maintenance etc, when I first started my company I used the actual expense therefore I must continue using the actual expense, anyhow, there is a section in QBO under taxes/income taxes where it gives you a overview of what your tax situation will be for the year, it works for all of the categories, except for the actual vehicle expense. I set up the vehicle profile, in the chart of accounts, I set the vehicle expense for the tax forms to be categorize to "Auto", so I at loss here because i can't seem to figure out how to get this part to work for the actual expense. I am using this function for two other companies tracking the mielage expense and it works for that but not the actual. When i do a search for it in the QBO community I get instructions on how to separate business from personal expense when categorizing using QBO self employee. If you know the asnwer to this question it would be greatly appreciated.
@@HectorGarciaCPA, but it works if I use the mileage expense because it does work on the other 2 QBO company accounts that i have for my other two businesses.
If I have a transferbetween accounts, and QuickBooks suggests:" Categorize" into the correct account and they are both amounts linked- will that have the same impact as choosing "record as transfer" I see on the first column it says expense - instead of Transfer but it does not actually create an expense in the P&L, should I leave it as is or undo it and switch it to transfer?
Hello po. I'm asking for a short way to caterorize transfers to other bank. If Spent....just record transfer, then add. If Received...what will i click?...... I followed the videos but it resulted to other way.
I'm struggling to find the answer to how I should correct the many 'Transfers' my client repeatedly used to make credit card payments in years past. Any suggestions?
@@HectorGarciaCPA are the unneccessary or then they need to be added back in and correctly recorded as "credit card payment?" I'm having a similar issue.
@@betsysmith8124 its necessary to have one transaction for the ccpayment/transfer, if there are any duplicates beyond the reconciliation, you can delete those
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
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.
Hi, Hector, how about trafer between locations, or, businesses purchase inventory in bulk and transfer to different location from ware house, guide me please Essa
Hi, i just have a quick question, my client have transferred money from personal account( not linked in QB) to his business account to pay the credit bill. In which account should i categories this?
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.
What happens if QBO does not show "Paired" but there "is" a match but since you didn't see the "pairing" or "match" option you manually change it to a transfer? Does that cause a duplicate transfer entry?
Hi Hector! Love your videos! Do you have any video that explains in details how to pay a credit card that has other credit cards as sub-accounts? I have seen some people that say "apply to payment to he main one" and others tell you to "split the payment between the subaccounts" and I am not really sure what is the correct way. Could you please advise? Your help is always appreciated!
What if you are paying a credit card, however you used that card to pay for an expense. Would you list the transaction as the expense you are wanting to pay instead of showing it as a CC payment? Otherwise, how would you track the expense?
@@HectorGarciaCPA Credit Card payment option creates duplicate transaction. I saw your previous video there you paid credit cards using Transfer. I am using Transfer to pay credit card and it never credited duplicate entry and I like it.
Soo.. who is confusing that? The word “Expense” in QuickBooks doesn’t mean the accounting term, it means the fact that money is coming out of a bank account. Hence paying the credit card is an “Expense” from the bank’s perspective. But accountingwise is a journal entry that transfers value accross balance sheet accounts
