Moving funds between bank accounts

[Exorsac]

Hi. I am a new user so please can someone tell me how to transfer balances from one account to another, eg if I close one and put funds in the other one

[QFMathew]

Hello @Exorsac

When the transfer appears on your bank statement, enter either the money in transaction into QuickFile in the new bank account, or the money out transaction into the old bank account.

Then, click “Tag Me!” and select “Transfer Between Bank Accounts”, and select the other bank account. This will automatically create the balancing entry, so only enter either the money in or the money out entry.

Hope that helps!

[mts77]

What if the bank transfer shows on different dates? For instance, in my current account it shows on the statement as a day after when it transferred to PayPal. I notice that when the date is out like that the automatic option to link the two does not present itself. Any ideas?

[QFMathew]

It’s not possible to link them up in this instance, but generally I would take the bank statement date.

The below is taken from our knowledge base article relating to PayPal, which may be of some help:

@QFMathew

Please note: there is likely to be a discrepancy in the date the transfer appears on your PayPal statement and the date it arrives in your bank account (usually 2-3 days). This will present a problem when trying to reconcile the two, as it will not be possible to link the transactions together due to the differing dates. In the PayPal settings there is an option ‘Ignore transfers to bank’. When checked the PayPal feed will ignore any transfers, leaving you to tag the entries on your current account as transfers from the PayPal account. This enables you to avoid any duplication.