Guides

Transfer money between bank and cash accounts

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:

  • Withdrawing cash from a bank account for a petty cash fund
  • Paying off a business credit card from a company bank account (remembering that, technically, money left the business when the credit card was used to pay an expense)
  • Moving money from a general purpose bank account to a payroll account

Note
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.

Enable the Inter Account Transfers tab

Click Customize below the left navigation pane, check the box to enable Inter Account Transfers, and click Update at the bottom of the page:

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Enter the transfer

In the Inter Account Transfers tab, click New Inter Account Transfer:

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Complete the entry (some fields appear as you progress):

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  • Date will be prefilled with today’s date. This can be edited.
  • Manager will automatically generate a Reference number when the inter account transfer is created. It will find the highest existing Reference and add 1.
  • Description allows you to record purpose of the transfer.
  • Paid from records the origin account.
  • Amount records the value of the transaction in the currency of the account.
  • Status can be Pending or Cleared, in which case a date can be entered.
  • Received in records the destination account.
  • Amount received will automatically match the amount transferred if the two accounts are denominated in the same currency. If this is edited, the Amount for 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.
  • Status options are the same for the destination account as the origin account.

Click Create to finalize the transfer:

Note
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.

Caution
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.

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