Transfer Funds Between Bank Accounts

If you need to transfer funds from one bank account to another, follow the below steps.

  1. Head to Accounting > Money In

  2. Set the Payment Method to Receive Miscellaneous Payment
  3. Set the Received From field to the Address ID that represents your company or your bank (this is personal preference)

  4. In the Date field, set the date of the transfer
  5. In the Check # field, enter the date in MMDDYYYY format without any slashes (ex: for January 01, 2022, enter 01012022)
  6. 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.
  7. In the Description field, enter "Transfer from (Bank or Project name) to (Bank or Project Name)
  8. In the Cash Account field, enter the account where the money will be transferred into
  9. In the Income Account field, enter the account the money will be coming out of
  10. Click Post Payment in the upper right-hand corner