Open topic with navigation

> Financials / Cash Book / Enter transactions / Record a bank transfer

/  More

Record a bank transfer

About recording a bank transfer

This records the movement of money from one bank account to another.

When you enter foreign currency transactions, you will need to specify the:

• Exchange rate for the bank accounts involved.
• Exchange rates to your base currency for any nominal postings.

Outcomes of recording a bank transfer

• The receiving bank account is debited and the paying bank account is credited.
• Commission nominal account postings are made, if applicable.
• Currency adjustment postings are made, if appropriate.

To record a bank transfer

Open: Cash Book > Other Transactions > Inter Account Transfer.

1. Select the Payment account bank account from the Payment account drop-down list.
2. Select the Receipt account bank account from the Receipt account drop-down list.
3. Enter the Transfer details (Description, Reference, Second Reference and Transfer date).

   • Enter the Payment value of the transfer in either the currency of the paying bank or receiving bank.

     The remaining value is automatically calculated for you, based on the exchange rate.

   • Accept or amend the Exchange rate, if required.
4. Enter the Commission details, if applicable.
   • Enter the Commission value.
   • Assign the commission to a bank by selecting Payment account or Receipt account.
   • Accept or amend the nominal Commission account for commission charges.
5. Enter the Nominal postings details.
• Accept or amend the exchange rates.

One exchange rate is required if you are transferring money between a foreign currency bank account and a base currency bank account. Two exchange rates are required if you are transferring money between two foreign currency bank accounts.

The Exchange difference is automatically calculated for you when you amend the displayed exchange rates.

• Select the required Nominal account for exchange differences.
6. Click Save.