Transfer money between bank accounts

How to manually record the transfer of money from one bank account to another.

Record a Bank Transfer for

  • Money transferred between bank accounts such as current and savings.
  • Credit card payments where the credit card is set up as bank account.
  • Loan re-payments where the loan is set up as a bank account.
  • Money paid into a cash account.

Record a Bank Deposit for

  • Money transferred from a cash account to a current or saving account.

You can set up different types of bank account in Accounting. When moving money from one account to another, this is recorded as a bank transfer.

Some people will set up a loan as a bank account as it easier to manage the balance to record payments. When you make you loan repayments, you record this as a bank transfer.

You do the same when you pay your credit card if you've set up your credit card as bank account. See How to record credit card transactions

Money transferred from a bank account to a cash account is also recorded as a Bank Transfer. However, if you transfer from your cash account back into a current or savings account, use the Bank Deposit option.

Record a bank transfer

  1. Go to Banking, then select New and Bank Transfer.
  2. Complete the following information:
Paid from Bank Account * Choose the bank account you want to transfer funds from.
Paid into Bank Account * Choose the bank account you want to transfer the funds to.
Method Choose the payment method used (optional).
Amount Transferred * Enter the amount you want to transfer between accounts.
Date Transferred * Enter the date you want to use for the bank transfer.
Reference (optional) If required, enter a reference for the transfer.
Description If required, enter a description for the transfer.

* These details are compulsory.

  1. Click Save.

Record transfers using bank feeds or bank statement imports

If you're using bank feeds or importing your bank statements, use the Transfer option on the Incoming Bank Transactions page.

As this creates a transaction in both bank accounts, you nee to make sure you avoid creating duplicate transactions. This can occur when you import transactions from both bank accounts, either via a bank feed or bank statement import.

To avoid creating a duplicates, only create the Transfer from one of the bank accounts and discard the transfer from the other.

Record a bank deposit

Record money paid from your cash account to a Current or Savings account.

  1. Go to Banking, then choose your cash account.
  2. Click New Entry then Bank Deposit.
  3. Enter the following information:
Paying in Reference * Enter a reference for the deposit.
Bank Account *

Choose the bank account you want to deposit the money into.

This can be only be a current or savings account

Date *  Enter the date of the deposit.
Cash Enter the amount of cash you want to deposit.
Cheques Click Select, then select the cheques you want to deposit and click Save.

* These details are compulsory.

The Cash in Hand Remaining shows the remaining balance in this account.
  1. Click Save.