It’s common for business owners to use multiple bank accounts to keep track of all their transactions. ZipBooks gives you an easy way to keep track of where you’re moving your money.
Pro Tip: Some novice accountants will confuse account transfers (i.e. paying off a credit card or depositing money from savings into checking) with expenses or sales. However, this will cause you to double-count these transactions, throwing off your balance. That’s why we’ve created a specific transaction type for transfer.
Here’s how to record transfers:
- Log in to ZipBooks and select Transactions from the menu.
- To create a new transfer, click on the round green + button at the top right of your transactions list. Four colored buttons will appear.
- Click on the blue Transfer button and the Add Transfer window will slide in.
- Enter the Amount you’ll be transferring, the Account it’s coming from, and the Date it posted as withdrawn from that account.
- Enter the Account it’s going to, and the Date it posted to that account.
- In the Additional Details section, add a Name to your transaction, and any Tags and Notes that apply.
- To upload supporting documents, click on the small green + button, or drag them into the ‘Drop to upload’ box.
- Click Save.
That’s it! Your transfer will reflect in both accounts. If your accounts are linked to ZipBooks, this transfer will show up automatically.
If however, the two transactions appear separately in your list, you can use the Match button to combine them into one transfer transaction.
These transactions will now be linked, and the blue arrow will point in the direction that the money moved.