Introduction

The Bank Transfer function is used to record transfers between bank accounts. Amounts transferred to and from foreign currency accounts use the exchange rate entered as per date of transfer to record the actual base currency value and recognise the related gain/loss arising.

Creating a Bank Transfer

You can access the Bank Transfer screen from two places.

Option 1: Blue Banner

Go to Bank > Bank Transfer.

Option 2: Bank List grid

Go to Bank > Bank List. Find your bank. Under Actions, select Bank Transfer. 

Entering Bank Transfer Details

• Transfer Reference: This is the reference that will appear on your system bank statement for reconciliation purposes, so it is important that it is meaningful.
• Transfer Date: This field defaults to the current date, but you can change it to any valid date. If you enter a date that is greater than the current GL period, then the system will warn you that you are posting to a future period. 
• Description The description column on the bank statement will reference the transfer as a ‘Bank Transfer’ but you can override this.
• From Bank/To Bank:  Select the relevant Bank Accounts.
• Exchange Rates: If either bank is a foreign currency bank, the exchange rate defaults to the currency rates table, but you can change this to the current exchange rate. When you process the record, the amount will then be converted using the ‘To Bank’ exchange rate. If you are transferring money from one foreign currency bank account to another, you will have to adjust the exchange rate to that used for the ‘From Bank.’ As both banks are using the ‘Base’ currency, the Exchange Rate is set to 1.00 you cannot alter this.
• Amount: This is the amount to transfer from the ‘From’ account into the ‘To’ account 

Once you have finished:

1. Click Process. This creates a new Bank Transfer 'BC/BD' transaction.
2. When you return to the bank list grid you will notice that the ‘From’ bank balance has reduced by the amount of the transfer and the balance on the ‘To’ bank increased (provided that the transfer was not future dated).