Transfer Funds Between Accounts
Use the following steps to record a transfer of funds between any two cash, banking, credit card, or line of credit accounts.
To transfer funds between bank or other accounts:
- Open the Transfer Funds window.
How?- In the Home window, click Banking on the navigation pane.
- In the Tasks pane, click the Transfer Funds icon.
- Enter a transaction Date if different from the date displayed, or use the Calendar button to select a date.
- If you are using a foreign currency, select the currency in which the transaction occurs. If you select a foreign currency you can set the exchange rate.
- From the Transfer from list, select the bank account or account you are taking money from.
- From the Transfer to list, select the bank account or account you are placing money into.
- Enter the amount of money transferred.
- (Optional) In the Comment box, enter any relevant additional information about the money transfer.
- Click Process to complete the transfer.
- To view the details of this transaction, you can either display and print the General Journal Report or the All Transactions Detail Report. The Source for all funds transfers is "FundsTransfer." You can filter either report for this code if you are interested in seeing only funds transfer transactions.
If you want to transfer funds in the next fiscal year, you must turn on the option Allow transactions in the future and then Allow General Journal and payroll transactions for the next fiscal year or calendar year.
Notes: Only accounts with the following Class Options are available in the Transfer from and Transfer to lists: Cash, Bank, Credit Card Receivable, and Credit Card Payable.
You cannot transfer amounts to or from the same account, nor can you transfer negative amounts.
You cannot transfer funds between two foreign currency bank accounts. At least one of the bank accounts must be in home currency.