Record a Bank Transfer

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Overview

The ability to record the transfer of funds from one Bank Account to another Bank Account in Accounting Seed is accomplished by creating a Journal Entry.

Record a Bank Transfer using Journal Entries

Navigate to Accounting Home and click the Create Entries tab. Then, under the Ledger menu, click Journal Entries.
Create a Journal Entry. Name it appropriately e.g. Transfer from Savings to Checking.
Create two Journal Entry Lines to record the appropriate Debits and Credits

Debit the Bank Account receiving the money (Checking)
Credit the Bank Account sending the money (Savings).

Post the Journal Entry.

Notes:

Both Journal Entry Lines will be available to clear on the individual Bank Reconciliations. The debit will show as a deposit and will have a source of Journal Line, the credit will show as a disbursement also with a source of Journal Line.
If you need to create a Cash Disbursement as part of this transaction (you want to cut a check out of Accounting Seed) then we recommend you do the following:
- Enter the check number in the comments field of the journal entry header or lines for traceability.
- Create a Cash Disbursement and leave it Unposted as a "Memo" Cash Disbursement. This will allow you to cut a check without creating duplicative entries in the general ledger. The Journal Entry steps above take care of the debits and credits to the correct bank accounts.

Title

Record a Bank Transfer

URL Name

1006359457

Record a Bank Transfer

Overview

Record a Bank Transfer using Journal Entries

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