Skip to content
logo Knowledgebase

How to transfer funds between bank accounts

Created on  | Last modified on 

Summary

Steps to transfer funds between two different bank accounts in Sage 100 Contractor.

Resolution

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:

  1. One transaction credits the From account and debits the clearing account.
  2. 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

  1. Open the 1‑1 Checks/Bank Charges window, or open the 1‑2 Deposits and Interest Charges window.
  2. Click Options, Transfer to Another Account.
  3. 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.
  4. Click Post.