Bank Transfers
Updated
by
Vanessa Borges
How to Perform a Bank Transfer
Note: This process is for transferring funds between different bank accounts. If you need to transfer funds within the same bank, please refer to the cash transfer process.
- Navigate to Finance > Accounting > General Ledger.
- In the General Ledger menu, select GL Bank Transfers.
- Click Create Transfer to initiate a new bank transfer.
- In the From Bank field, select the bank account from which the funds will be transferred.
- In the To Bank field, select the destination bank account.
- Enter the Amount to be transferred.
- Specify the Transaction Date for the transfer.
- Under Bank Cash Line Details, add the corresponding cash lines:
- For the From Bank, enter the amount to be debited.
- For the To Bank, enter the amount to be credited.
- If transferring between funds, the Transfer Line Details section will appear. If this happens, select the appropriate Expense Account Lines and Revenue Account Lines. This section will not appear if you are transferring within the same fund.
Tip: Each Fund has a Transfer In revenue account and a Transfer Out expense account.
- Click Create to complete the transfer.
- You can view the transfer details by navigating back to Finance > Accounting > General Ledger, then selecting GL Bank Transfers.
- To reverse the transfer, click Reverse Transfer, then confirm the reversal when prompted.
Warning: You cannot undo the reverse transfer once confirmed
