How to transfer funds between bank accounts

Transferring funds between bank accounts

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

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.