Contact QuickBooks Customer Support to Know How to Record a Wire Transfer

This blog post will let you know about How to record a wire transfer? It totally depends on the reason of the wire transfer. You can document it as an expenditure using the Cash Expense feature, or as a deposit using the Bank Deposit feature.

How to Record a wire transfer as expenditure : 

If the money is transferred out of your account, follow these below mentioned steps:

• Click on to the New.
• In Suppliers tab, click on Expense.
• To mention a supplier or place of purchase in the Payee field.
• In the Bank/Credit account field you must specify the bank account from where the wire was transferred.
• Type the date of purchase in the Payment Date field.
• Choose the Payment method.
• Type Wire Trans or WT in the Ref no. field.
• Mention the expense Account which tracks the charges,
• Type Accounts Payable if you wanted to transfer the bill.
• Type the Amount of the purchase.
• Click on Save and close to save the document and exit from the application or Save and new to save the document and create a new one.

How to Record a wire transfer as a deposit

If the money will be transferred in to your account, follow these steps:

• Click on to the New.
• In other tab, choose Bank Deposit.
• In the Account, select the bank account to which the wire was transferred
• Type the Date on which the wire was received.
• Mention from whom the wire was received from.
• Recognize the income Account related to the transfer
• Type Accounts Receivable if the transfer is planned to pay an invoice.
• Type Wire Trans or WT in Payment method.
• Mention the transferred Amount.
• Type the expense Account who tracks wire or bank fees
• The total Amount of the fee, entered as a (-) negative amount.
• To check whether the deposit balance matches with the actual deposited amount
• Click on Save and close to save the document and exit from the application or Save and new to save the document and create a new one.

Feel hurdle free yourself, if you looking for immediate Quickbooks Customer Care Support call @ 1-800-731-1629. We acknowledge you the best posts on such topics with all detailed descriptions. We will appreciate if you will drop us a mail regarding any query or issue you come across. Drop us a mail at support@quickbooksupport.net.