What do the "Transfer" categories mean? (Transfer In / Transfer Out)

GoDaddy Bookkeeping uses the "Transfer In" and “Transfer Out” categories to represent non-business transactions that do not affect your Profit & Loss.  The most common examples are transferring money between your PayPal account and your bank account.  While this won’t affect your business P&L, you still want to keep track of these transactions.  

You'll want to use the "Transfer" category in GoDaddy Bookkeeping in the following situations:

  • To record currency conversions.  Read more about currency conversions here.
  • To record amounts transferred between bank accounts (such as checking to savings, savings to checking, bank to PayPal, PayPal to bank, etc.)
  • To show amounts related to loans; both the initial loan amount and payments; remember to record any interest you pay as an "interest expense," or interest you collect as "interest income."

There are a couple other Non-Business categories that will keep a transaction from affecting your Profit & Loss:

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