Transfer money between bank accounts

There may be times when you need to transfer money between bank accounts within your company, or perhaps you withdraw cash to use for petty cash. Using the Bank Transfer option is a quick, easy way to record this.

Types of bank transfer

You'll find options for a bank transfer and a bank deposit available in Accounting. Post a Bank Transfer for things like:

  • Transferring money between current and savings accounts
  • Money is transferred between base currency accounts and foreign currency accounts
  • Payments using a credit card that is set up as a bank account
  • Loan repayments where the loan is set up as a bank account
  • Money is paid into a cash account

 

A Bank Deposit is used to record money transferred from a cash account, to a current or savings account.

Record a bank transfer

  1. Go to Banking, then select New and Bank Transfer.
  2. Enter the details and select Save.
  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.

It is important to avoid creating duplicate transactions since this creates a transaction in both bank accounts automatically. Importing bank statements or bank feeds from both bank accounts may cause this to happen.

Only create a Transfer from one account and discard the transfer from the other account to avoid creating a duplicate.

Note: As long as both accounts are represented in Accounting it doesn't matter which bank feed or account the transfer is posted from.

Record a bank deposit

Record cash paid into your cash account to a Current or Savings account.

  1. Go to Banking, then choose your cash account.
  2. Select New Entry then Bank Deposit.
  3. Enter the details and select Save.
The Cash in Hand Remaining shows the remaining balance in this account.
  1. If you want to attach a file, select Attachment and then drag and drop the file to the Upload files area or select it to browse to the file.

  2. Click Save.

View transfers in a bank account

  1. Go to Banking then select the relevant bank account.
  2. Scroll down the screen until you can see the Activity tab.
  3. In the From and To boxes, enter the relevant date range.
  4. Select More.
  5. In the Type list, select Bank Transfer.
  6. Select Search.

All transfers received into and paid out of this bank account now appear on-screen.