Transfers Between Bank Accounts 2017-05-10T15:10:08+00:00

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Transfers between bank accounts

The transfer of funds between two bank accounts is recorded in whichever Bank Payment Transactions is associated with the account from which the funds are being transferred in the accounting software.  Entering such a transaction causes the following to happen:

  1. The Bank Payments Book for the bank account from which the funds have been transferred (where you made the entry) is updated in the same way as any normal payment transaction.
  2. The Bank Account from which the funds have been transferred is updated with details of the transfer, i.e. it reduces the balance of funds available.
  3. The Bank Account into which the funds have been transferred is updated with details of the transfer, i.e. it improves the balance of funds available.