Record a Bank Transfer

Body

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 

  1. Navigate to Accounting Home and click the Create Entries tab. Then, under the Ledger menu, click Journal Entries.
  2. Create a Journal Entry. Name it appropriately e.g. Transfer from Savings to Checking.
  3. 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).
  4. 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
General LedgerBank Transfer
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