Transferring Funds Between Accounts
This lesson will show you several ways to deposit cash into your bank account or how to close in order to balance accounts.
If you are depositing cash into your bank account or are closing and need to balance accounts. Here are a couple of ways it may be done.
Depositing cash into a bank account
- Click on the 'Invoice' module from the tool bar then click 'New'.
- Then click on 'Transfer' within the invoice.
Input account transfer information
- Begin with typing in the amount and currency of the transaction under 'Transfer Amount'.
- If you wish, you may change the transaction date as well as the deposit date next to 'Trans. Date' and 'Dep. Date' respectively.
- Under 'Transfer from account (Source)', select which account is being deducted from.
Once you click on this field, choose from the drop menu that appears by selecting it then click on 'Pick Account'. - Under 'Deposit into account (Destination)', select which account is being deposited into.
Once you click on this field, choose from the drop menu that appears by selecting it then click on 'Pick Account'. - Note the system will automatically update your balance before and after for each account.
- You may also add additional notes why this transaction has taken place under 'Memo & Remarks'.
- When finished, hit 'Save'.
- Once the transfer is saved the invoice will be balanced and the system will automatically change the customer from 'Walk In' to 'Self' since this is an internal transaction.
Closing and how to create a closing template
When you are closing for the day, a transfer must be completed in order to clear or balance your debt account.
Every night the funds collected into your debt account get transferred out of your bank account; this transaction will help keep your bank account accurate by doing the same.
To make this easier for you, you may create a template which you may use every night when creating the closing invoice.
- When the transfer window opens click on the 'Pick from Template' button.
- Since this is the first time using the template click on 'New Template' in the new window.
Complete the template window as follows:
- Name the template in the 'Name of Template' field and add a description in the 'Description' field.
- The 'Transfer Amount' should be left blank since it is going to be different for each transaction.
- Next, choose the 'Currency' of this account, this will most likely be your home currency.
- Under 'Transfer From Account' choose 'Debit' from the pop up window then hit 'Pick Account'.
- Under 'Transfer To Account' begin to type the name of the bank you wish to transfer to.
You may be directed to a pop up window where you will have to select the bank account which will be debited from then hit 'Pick Account'. - Now you may 'Save' your new template.
- You may access the template you have created by clicking on 'Pick from Template' at the bottom of the transfer window, select the template you wish to work from then hit 'Pick'.
- Once the template has been selected, the transfer window will show you how much there is in the debt account and in your back account.
- Write the balance of the debt account into the 'Transfer Amount' section above and 'Save'.
- Once saved in the transfer window, the invoice will be balanced and ready to 'Save'.
