Money transfer between bank accounts

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

To transfer funds from one bank account to another

  • 1. Go to Banking.
  • 2. From the New Entry menu, click Money Transfer.
  • 3. 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 money transfer.
Your Reference (optional) If required, enter a reference for the transfer.
Description If required, enter a description for the transfer.
  • Indicates a required field.
  • 4. Click Save.

You can also create a money transfer from within the bank account. Open the New Entry menu and select Money Transfer.

To delete a money 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 money transfer.

  • 1. Go to Banking.
  • 2. Click either of the bank accounts used for the transfer.
  • 3. In the Activity section, select the check box next to the money transfer.
  • 4. Click Delete.
  • 5. Click Yes.

If you’ve got a lot of transactions, to make it easier to find the transfer, you can enter dates in the From and To fields to show the bank activity by date. You can also use the Filter option to only show specific transaction types.

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

To reverse a money transfer

  • 1. Go to Banking.
  • 2. From the New Entry menu, click Money Transfer.
  • 3. 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 transfer.
Your Reference (optional) If required, enter a reference for the transfer; for example, correction.
Description If required, enter a description for the transfer.
  • 4. Click Save.

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