Inter account transfer (bank transfer)

Find this screen

Open: Cash Book > Other Transactions > Inter Account Transfer

How to

Enter a bank transfer using the same currency

Open: Cash Book > Other Transactions > Inter Account Transfer

1. Select the Payment account bank account from the Payment account list.

   Note: You can't select accounts that are used for Salary and Supplier Payments.

2. Select the Receipt account bank account from the Receipt account list.

3. Enter the Transfer details.

   • Enter the Description, Reference, Second reference and Transfer date.
   • Enter the Payment value of the transfer.
4. Select Save.

Enter a bank transfer using different currencies

Open: Cash Book > Other Transactions > Inter Account Transfer

1. Select the Payment account bank account from the Payment account list.

   Note: You can't select accounts that are used for Salary and Supplier Payments.

2. Select the Receipt account bank account from the Receipt account list.

3. Enter the Transfer details.

   • Enter the Description, Reference, Second reference and Transfer date.

   • Enter either the Payment value or the Receipt value in the appropriate currency.

     The remaining value is automatically calculated for you, based on the exchange rate.

   • If you want to change the Exchange rate, select Change Rate.

4. Enter the Commission details, if applicable.

   • Enter the Commission value.
   • Select which bank to Pay commission from, either the Payment Account or Receipt Account.
   • The Commission account shows the default nominal account that will be used to record commission charges. You can change this account if required.

5. Enter the Nominal postings details.

   • Check the exchange rates for Payment to base rate and Receipt to base rate.

     If one or both of the bank accounts use a foreign currency, then this shows the exchange rate to the base currency.

   • To change the exchange rate for a bank account that uses a foreign currency, select Change Rate.

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

     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 in the Sage 200 desktop.

   • If you have exchange differences, the Nominal account shows the default account that will be used to record exchange differences. You can change this account if required.

6. Select Save.

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Useful info

When should I specify an exchange rate?

If you are transferring money between accounts that use different currencies, you may need to provide the exchange rate that applies.

It all depends on the currencies used for the two accounts in the transfer.

• If both accounts use the same currency (even if both are non-base currencies), then you don't need to provide any exchange rate information.

• If one account uses a non-base currency, and the other account is the base currency:

  • If the non-base currency is for the payment account, you may need to provide:

    • The Exchange rate between the payment and receipt account currencies.
    • The Payment to base rate exchange rate from the payment currency to your base currency, used for the payment nominal posting.

  • If the non-base currency is for the receipt account, you may need to provide:

    • The Exchange rate between the payment and receipt account currencies.
    • The Receipt to base rate exchange rate from the receipt currency to your base currency, used for the receipt nominal posting.

• If both accounts use different non-base currencies:

  You may need to provide:

  • The Exchange rate between the payment and receipt account currencies.
  • The Payment to base rate exchange rate from the payment currency to your base currency, used for the payment nominal posting.
  • The Receipt to base rate exchange rate from the receipt currency to your base currency, used for the receipt nominal posting.

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 applicable.
• Currency adjustment postings are made, if applicable.