If you have multiple loan, credit card or bank accounts, the bank transfer screen allows you to record transactions where you have transferred funds between two accounts. To enter a transfer:
- Select the add icon for the Bank Transfer transaction.
- Enter the date the transaction occurred and the amount of the transaction
- Select the account the money was transferred from
- Select the account the money was transferred to
- You can Tag a transaction if it relates to a particular portfolio, job or project
- Save the transaction
Examples of transactions that could be entered using the Bank Transfer screen:
- Paying money into a loan account or credit card
- For transferring money between investment accounts or business accounts
WARNING: If the transaction involves GST/VAT or other tax you can’t use the bank transfer screen – use a General Journal instead.
TIP: You can add a new account on the fly by clicking the add icon next to each bank account drop down list. This will bring up a new window where you can enter the account’s information. Once you save the new account, it will be added to both account lists and automatically selected for you in the list next to the icon you clicked.
Bank Transfer List
This screen lists the Bank Transfer transactions you have entered into your organisation file based on the settings selected at the top of the list. You can add new transactions from this screen by clicking on the ‘Add…’ link at the top of the list.You can combine multiple options at once. For example, you can specify a date range and a Tag and a bank account.
If the transaction involves tax you can’t use the bank transfer screen. Use a General Journal instead if this is required.
To edit a transaction in the list, click on the transaction in the list.
The options for this screen are:
- Date Range – The date range option allows you to limit the transactions listed to those that fall within the dates specified. For example, if you wanted to see only transactions that were dated between July 1 2007 and July 31 2007 you would enter “01/07/07” into the first date field, and “31/07/07” into the second field, and then press the ‘Show’ button.
- Tag – When you add a transaction you have the ability to specify which Tag you would like to store it in. You can limit the listed transactions to only those that are stored in a specific Tag by selecting the Tag from this list. For example, if you wanted to see only those items you had stored in the Tag labelled Share Portfolio, you would select the Share Portfolio from the list and click the ‘Show’ button.
- Account – You can use this option to show only those transactions that have been entered using a specific account (i.e. bank, credit or trust). For example, to show only transactions made with the bank account labelled “Credit Card”, select the “Credit Card” account from this list and click the ‘Show’ button.