Transfer of funds between Accounts

The Transfer Funds Between Account window is used when you want to simplify the transfer of funds between bank accounts with only one transaction.

Note: You must have already created both of the Banks in the address book. 

TIP: a bank could be ‘Petty Cash’. If a transfer is between the company and a third party, this cannot be entered here – it must be entered in Payments or Receipts as appropriate.

Follow these steps to transfer funds between bank accounts.

Note: You may not have the right system privileges access this function.

Steps

1. Select Transfer Between Accounts from the Accounts menu.

2. Accept or amend the Date.

3. Accept or amend the Period.

4. Select the Payment method.

5. Select the banks where you are taking the funds from and to by making a choice from the From Account drop-down options.

6. Enter the Amount of the funds to be transferred.

7. Enter Notes explaining why the transfer was done, on whose authority, when were the instructions faxed to the bank, etc.

8. Press [Enter] to save the transfer record.