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Transfer funds between bank accounts

There may be times when you want to transfer money between your bank accounts, for example transferring money from your current account to your petty cash account. You may also need to delete a transfer if it’s been entered in error or with incorrect details.

To transfer funds from one bank account to another

  • 1. Banking > New Entry > Bank Transfer.

You can also create a bank transfer from within the bank account record > New Entry > Bank Transfer.

  • 2. Complete the following information:
Paid from Bank Account * Choose the bank account you want to transfer funds from.
Paid into Bank Account * Choose the bank account you want to transfer the funds to.
Amount Transferred * Enter the amount you want to transfer between accounts.
Date Transferred * Enter the date you want to use for the bank transfer.
Your Reference (Optional) If required, enter a reference for the transfer.
Description If required, enter a description for the transfer.

* These details are compulsory.

  • 3. Click Save.

To delete a bank transfer

If you’ve transferred money between bank accounts in error or with incorrect details, you can delete this and if necessary, enter it again with the correct details.

You can’t delete a transfer if it’s been bank reconciled. Instead, you must reverse the transfer, for more information, see the section below, To reverse a bank transfer.

  • 1. Banking > click either of the bank accounts used for the transfer.
  • 2. Activity > select the check box next to the bank transfer you want to delete > Delete.

If you’ve got a lot of transactions, to make it easier to find the bank transfer, you can filter the bank activity by date. To do this, click Refine > amend the from and to dates.

The bank transfer is deleted from the activity of both accounts and the bank balances are adjusted accordingly.

To reverse a bank transfer

  • 1. Banking > New Entry > Bank Transfer.

You can also create a bank transfer from within the bank account record > New Entry > Bank Transfer.

  • 2. Complete the following information:
Paid from Bank Account * Choose the bank account you originally transferred the money to.
Paid into Bank Account * Choose the bank account you originally transfered the money from.
Amount Transferred * Enter the amount you want to transfer back to the original account.
Date Transferred * Enter the date you used for the original bank transfer.
Your Reference (Optional) If required, enter a reference for the transfer, for example, correction.
Description If required, enter a description for the transfer.

* These details are compulsory.

  • 3. Click Save.

You’ve successfully reversed the original bank transfer and can enter it again with the correct details, if required.

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