Transferring Funds

Use the Bank Transfers screen to:

• Transfer funds between banks.
• Record an entry for fees charged by a bank involved in a transfer.
• Correct a deposit that you posted to the wrong bank.

To transfer funds:

1. Open Bank Services > Bank Transactions > Bank Transfers.Open Bank Services > Bank Transactions > Bank Transfers.
2. In the Transfer Posting Date field, specify the date of the transfer.
3. Enter a description and a reference for the transfer.

4. Specify the banks from and to which you are transferring funds. More...

   1. In the Transfer From Bank Code field, enter the code for the originating bank.
   2. In the Transfer To Bank Code field, enter the code for the bank to which you are transferring the funds.

      The program creates detail lines for these banks in the Service Charges section of the Bank Transfers screen.

   3. In the Transfer From Transfer Amount field, enter the amount to transfer, and then press the Tab key.

      The program displays the amount in the Transfer To Transfer Amount field. The transfer amount will be in the currencies of the chosen banks.

      Note:

      In a multicurrency system, the program initially displays amounts in the banks' statement currencies. If a bank is multicurrency, you can change the currency for the transaction. (The program uses the bank's default rate type to determine the exchange rate for converting the transfer amount to the functional currency.)

      The program displays the currency code for each bank in the Service Charges section of the screen.

5. If you need to use a different exchange rate, rate type, or rate date, click the Rates button, and then use the Bank Transfer Exchange Rates screen to change these fields as necessary.

6. If there are any service charges for the transfer, use the Service Charges detail table to record the details of the charges. More...

   Using a separate line for each bank that charged a fee:

   1. Specify a distribution code, if one exists for the type of charge.

      The program displays the G/L account associated with distribution code in the next field.

   2. If you did not specify a distribution code, or if you need to change the account, use the Finder to select the correct G/L account.
   3. In the Amount field, enter the amount of the service charge levied by the bank.

   4. If the service charge is taxable:

      1. Double-click the Taxable field to change it to Yes, and then click the Edit button to open the Bank Taxes screen. For more information about this screen, see Bank Taxes Screen.
      2. Select a Tax Group.

         The program displays the tax authorities for the tax group.

      If you select the Calculate Tax Amount and Calculate Tax Base options, the program calculates all tax amounts for you.

   5. If you need to enter any tax amounts manually, clear the Calculate Tax Amount or Calculate Tax Base option, and then enter the amounts as required.
   6. Click Close to return to the Bank Transfers screen.
   Notes:

   • Tax amounts appear in the Total Tax and Tax Included fields. (If a tax authority does not allow taxes to be included, the tax amount appears in the Tax Excluded field.)
   • Do not select a G/L account in the Service Charges grid that has the Post To Account field set to Prohibited.
7. Click Post to post the transfer.