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:
Inter account transfers can be instantaneous, as when moving money online between accounts in the same bank. Or they may remain pending for several days, as when mailing a cheque to pay a credit card statement.
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.
Referencenumber when the inter account transfer is created. It will find the highest existing
Referenceand add 1.
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:
Inter account transfers do not appear in the Receipts & Payments tab. They do, however, appear in drill-down listings of individual account transactions accessed from the Summary, Bank Accounts, or Cash Accounts tabs.
Remember, an inter account transfer only records a transfer. It does not actually move any money. You must take action to withdraw and deposit, make the online transfer, or send the cheque.