Transferring funds between bank accounts Open the Transfer Funds window from either 1‑1 Checks/Bank Charges or 1‑2 Deposits and Interest Charges to transfer funds. Understanding how transfers work A transfer always uses two valid cash accounts. You also select a clearing account that offsets the debit and credit from the two‑part transfer. A transfer creates two transactions: - One transaction credits the From account and debits the clearing account.
- The other transaction debits the To account and credits the clearing account.
The clearing account always returns to a net-zero balance after the transfer posts. Reconciling transfer transactions Reconcile one transaction for each account: treat the From account transaction like a check, and treat the To account transaction like a deposit. Voiding transfer transactions If you try to void one part of a transfer, the program warns you that it also voids the other part. You can continue or cancel. Don't void a transfer transaction associated with a cleared transfer. Transfer funds - Open the 1‑1 Checks/Bank Charges window, or open the 1‑2 Deposits and Interest Charges window.
- Click Options, Transfer to Another Account.
- In the Transfer Funds window:
- Select the From Bank Account.
- Select the To Bank Account.
- Select the Clearing Account.
- Enter a reference in the Transaction# box.
- Enter a description in the Description box.
- Enter a date in the Date box.
- The date determines the posting period.
- You need Administrator rights to enter a date outside the current posting period.
- Enter the transfer amount in the Amount box.
- Click Post.
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