Recording checking to savings transfers

[Loree]

I have just started using v. 11.1 (I have prior experience with 8.5) Quickbooks was used last year by the previous treasurer. We have several funds and several savings & investment accounts. We have one checking account. When we have monies build up in our checking, we transfer random amounts to our TIMM account, which has a higher interest rate. And then, transfer back to the checking when needed. These paired accounts are used by more than one fund. So, I am unsure as to how to record these transactions.

Also, I have seen on the training videos how to transfer monies from one fund to another fund within the same bank account. Is there a way to do that when each fund is associated with a different bank account?

Thank you for your help.

[Jeff]

In this case each of the funds carries a balance in the TIMM account. So you would set up the TIMM account in each fund just like your checking account.

For example if the TIMM account number is 1210 you would have a 01-1210-000 for the amount of money fund 01 has in the TIMM account, 02-1210-000 for the amount of money that fund 02 has in the TIMM account and so on.

When fund 01 moves money into the TIMM account you just credit the 01 checking and debit the 01 TIMM account.

Things get a little more tricky if you are not actually moving money out of the TIMM account, but one fund needs more money in their checking account.

[Loree]

Thank you!