- Knowledge Base
- Accounting
- Money In
Transfer Funds Between Bank Accounts
If you need to transfer funds from one bank account to another, follow the below steps.
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Head to Accounting > Money In
- Set the Payment Method to Receive Miscellaneous Payment
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Set the Received From field to the Address ID that represents your company or your bank (this is personal preference)
- In the Date field, set the date of the transfer
- In the Check # field, enter the date in MMDDYYYY format without any slashes (ex: for January 01, 2022, enter 01012022)
- In the Amount field, enter the amount to be transferred; the Cash account is directly affected by the Amount. If a positive amount is entered, the cash account will receive a debit entry. If a negative amount is entered, the cash account will receive a credit entry. The Income account will receive the offsetting entry.
- In the Description field, enter "Transfer from (Bank or Project name) to (Bank or Project Name)
- In the Cash Account field, enter the account where the money will be transferred into
- In the Income Account field, enter the account the money will be coming out of
- Click Post Payment in the upper right-hand corner