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Explain a transfer between two bank accounts

If you have two or more bank accounts, you might have transferred amounts between the two accounts.

There will be a couple of steps you need to take for bank transfers as you will need to complete both sides.  It will also depend on whether you upload statements for both bank accounts as well.

Initial bank entry on the main account

Assuming you upload statements for the main account first you will see bank transfers coming into or out of the account.


How they appear will depend on who you bank with.

From the drop down menu on the right side of the transaction choose, transfer.

A popup screen will appear that gives details of the transaction that will be created.  The majority of the fields will already be filled out including the date and reference.

Furthermore, one of the transfer from or transfer to fields will also be completed depending on whether the entry is going into or out of the bank.


On the dropdown menu field that is not already populated choose the account that the payments needs to go to, or payment is from.


Once both drop down fields are correctly allocated to the appropriate bank account, click on Save and this will create the transfer in both bank accounts.

The popup screen will close and the transaction will be indicated as being completed.

If you made a mistake, you can Remove and Redo the transaction.  This will completely remove both sides of the transfer from both bank accounts plus reset the uploaded entry.

How about the other side of the transfer?

What you need to do now depends on whether you upload statement, manually reconcile the bank or just leave it unreconciled.

Upload statement:  if you upload statements to the other bank account, then you will not need to repeat the above transfer process as it has already been done.

In order to account for the entry in the accounts, you simply need to choose match and then the system will find the appropriate transaction and reconcile this for you.

Manually reconcile:  as the transaction has already been posted, all you need to do is reconcile the bank as you normally do.

Do nothing:  if you do not normally do any of the above, then leave it as it is.  Both sides of the transfer has been successfully created and will populate the 

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