Record a bank transfer

Find this screen

Open: Cash Book > Other Transactions > Inter Account Transfer

How to

Transfer money between bank accounts

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

1. Select the Payment account bank account.

2. Select the Receipt account bank account.

3. Enter the Transfer details.

   • Enter general details, such as Description, Reference, Second Reference and Transfer date.

   • Enter the value of the transfer.

     • If both bank accounts use the same currency, enter the Payment value.

     • If the bank accounts use different currencies, you can enter either the Payment value or the Receipt value.

       You enter the value in the appropriate currency, and the matching payment or receipt value is calculated for you, based on the exchange rate.

       The Exchange rate can be amended if required.

4. Enter the Commission details to record a currency exchange commission charge. You will only see this if the payment and receipt bank accounts use a different currency.

   • Enter the Commission value. The currency will depend on which account you choose to pay the commission.

   • Choose whether the exchange commission is paid from the Payment account or Receipt account.

   • The Commission account displays the nominal account that will be used for the commission charges. By default this shows the Bank Charges nominal account set for the payment or receipt bank account you have chosen. You can change this nominal account if required.

5. Enter the Nominal postings details. You will only see this if the payment and receipt bank accounts use a different currency.

   • The exchange rate is displayed for each account that doesn't use the base currency, so you will see either one or two exchange rates.

     Check the Payment to base rate exchange rate and Receipt to base rate exchange rate, and amend if required.

     Note: You can only change the exchange rate here if the exchange rate is set to be Amendable.To check or change this, use Currencies and Exchange Rates.

     When you change an exchange rate, the Exchange difference is calculated.

   • If there is an Exchange difference (value is not zero), you can choose the Nominal account used to post the exchange rate differences. By default this shows the Exchange differences nominal account set for the payment or receipt bank account you have chosen. You can change this nominal account if required.

6. Select Save to make the transfer.

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Useful info

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 you included a currency exchange commission.

• Currency exchange postings are made, if applicable.