Learn how to categorize transfers between bank accounts, record personal withdrawals using an equity account called Distributions, and process credit card payments in QuickBooks. The video shows how to manually match transfers, convert account types, and use the Add Card Payment function to sync transactions across accounts.
So scrolling back up, I see that I have a transfer to 1239, and for some reason it isn't recognizing that this is a transfer between 2 accounts that are connected to QuickBooks. So let's see, I can see it here being received, the same amount, same date. So I am going to categorize this And we can just call it transfer. And this is going or coming from our checking account. I'll click add. So now on the checking account side, we'll see that, okay, it is matching it now that it can see that those are transfers between the two. So I'll click Match. And here I have a transfer to a USAA account, which is a personal account. So what I'm going to do is click Categorize and call this a transfer— I'm going to call this Transfer to Personal. Just so that there's a difference. And then in this case, we want to have this go to an equity account because this is just going to a personal account. So let's see, I have a contributions account. I don't have a distributions account yet. So I'm going to click add new account again, making sure I'm changing this from bank to equity in this case. We'll call this Distributions. It's not a partnership, so I'm going to change that to Honor Distributions. Save and Close and Add. Here is another transfer to personal account, so I'm going to do the same thing. Okay, now I showed you how to record a transfer between 2 bank accounts, in this case between checking and savings. Now I'm going to show you how to record a credit card payment. A credit card payment is essentially in QuickBooks a transfer from your bank account to your credit card. But you can also record it as the credit card payment. So that's what I'm going to do. I have this $269.10 that was spent, and if we look at the credit card, we have this $269.10 that was received. I'll go ahead and click Add Card Payment, and now we can look here at this Chase checking account, and that transaction is no longer there because it was matched to the credit card payment that we just added.
