QuickBooks Transfer Funds Between Customer Accounts

These days managing finances using accounting software’s has become a very simple task. The user-friendly software’s provide numerous options to work upon different functions. One important function in such transactions is to transfer funds between customer accounts. We provide you with some steps that can easily make this task possible.

Here are the steps that can help you transfer funds from one customer to another. We are sure these are simple and would make your job easy. Let’s get started:

Step 1: You should start by creating a clearing account. For this,

  • You should look at the Lists menu and then choose Chart of Accounts.
  • Now, you should click on Account and select the New button.
  • Next, among the account type, you should select Income and then Continue.
  • You should use Clearing as the account name.
  • The last step for you is to click on Save and Close. Your clearing account is ready.

Step 2: Now, to write the current balance of the customer, you should create a journal entry. For this,

  • You should look at the Company menu and then click on Make General Journal Entries.
  • Now, if the need is, you should provide a Date and Entry No.
  • You should ensure that the entry has Credit Accounts Receivables & Debit clearing account. Do not forget to add a suitable customer name in the Accounts Receivable line.
  • The last step for you is to click on Save and Close. Your journal entry is ready.

Step 3: Moving on to step 3, you should apply General Journal Entry to the customer. For this,

  • You should look at the Customers menu and then choose Receive Payments.
  • Now, you should choose Invoice and then select Discounts and Credits.
  • Next, you should look at the Credits tab and select available credit. Then, click on Done.
  • The last step for you is to click on Save and Close.

Step 4: The last step for you is to create a journal entry. This is to generate the balance to the new customer. For this,

  • You should look at the Company menu and then click on Make General Journal Entries.
  • Now, if the need is, you should provide a Date and Entry No.
  • Next, you should ensure that the entry Debits Accounts Receivable and Credits Clearing Account.
  • The last step for you is to click on Save and Close.
  • You would see that the existing customer would not show the due balance while the new customer would show the correct due balance.

The Scope of Services

We are sure that the steps given above would help you transfer funds easily. You would have no problems as the interface is friendly and would not trouble you. Still, if at any step, you have any issues, feel free to call QuickBooks Technical Support Toll-free number ✆+1-800-796-0471. We ensure the best of services at any time of the year.