Enter Bank Transfers in General Ledger
Use the Bank Transfer option in Add/Edit Transactions when you need to transfer funds between two checking accounts that are assigned to different bank accounts.
You can use the fund principal account for that fund as the offset account, or set up an account specifically used as an offset account for bank transfers. Because bank transfers involve two separate banks, one transaction debits one bank and another credits the other bank.
If accounts associated with the same bank account are being transferred, you may receive an error message. You can change the bank associated with the checking account, use a different account, or enter two separate transactions to transfer the money.
- Under Manage Records, select the Banking tab.
- In the drop-down list, select Bank Transfer and click Go
.
- In the drop-down list, select a Transaction Source.
- Enter a reference number or click Next to assign the next available reference number.
- Enter the amount that you want to transfer.
- Enter the date of the transfer, or select a date in the calendar.
- Verify the post month and year are correct. Click the up and down arrows to change the month or year.
- Enter the Credit Acct. and Offset account from which you want to transfer money, or click Lookup
to select an account.
- If necessary, enter a description in the For field.
- Enter the Debit Acct. and Offset account from which you want to transfer money, or click Lookup
- If necessary, enter a description in the For field.
- Click OK.