An inter account transfer is the movement of money from one bank or cash account of a business entity to another. No funds enter or leave the business. A transfer is not possible unless the business has at least two bank or cash accounts. Examples of transfers include:
Click Customize below the left navigation pane, check the box to enable Inter Account Transfers, and click Update at the bottom of the page:
In the Inter Account Transfers tab, click New Inter Account Transfer:
Complete the entry (some fields appear as you progress):
Datewill be prefilled with today’s date. This can be edited.
Referencefield can be used for anything. Typically, a transaction or confirmation number is entered.
Descriptionallows you to record purpose of the transfer.
Paid fromrecords the origin account.
Amountrecords the value of the transaction in the currency of the account.
Statuscan be Pending or Cleared, in which case a date can be entered.
Received inrecords the destination account.
Amountreceived will automatically match the amount transferred if the two accounts are denominated in the same currency. If this is edited, the
Amountfor the origin account automatically changes to match. But if the account receiving the transfer is denominated in a different currency, the figure must be input manually.
Statusoptions are the same for the destination account as the origin account.
Click Create to finalize the transfer: