Fields and controls
Bank Account
After you enter a bank code in either the Transfer From or Transfer To fieldsets, this field displays the bank account number specified in the Bank record.
Bank Code
Specify the bank codes for transferring funds. In the Transfer From fieldset, specify the bank code from which you intend to transfer; in the Transfer To fieldset, the bank code you intend to to which you intend to transfer.
Descriptions of the specified bank codes are displayed below each Bank Code field in the Bank Code Description fields.
Bank Code Description
Enter an optional description (up to 60 characters) of the transfer. After the transfer is posted, the description appears in the Reconciliation report.
Deposit Amount
Enter the amount transferred to the destination bank from the originating bank.
For a multicurrency bank, you can display the amount in the statement currency of the destination bank, or you can select any of the currencies used by the destination bank.
Use the Currency Code field to the right of the Deposit Amount field to specify the code for the statement currency or another currency used by the destination bank.
If you change the code, the program adjusts the amount in the Deposit Amount field accordingly.
Functional Deposit/Transfer Amount
For multicurrency banks, Bank Services displays the transfer amount and the deposit amount in your functional currency.
Transfer Amount
Use this field to specify the amount of the transfer.
Use the Currency Code field to the right of the Transfer Amount field to specify the code for the statement currency or another currency used by the originating bank.
Transfer Description
Use this field to enter a unique description for the bank transfer.
Transfer Number
Use this field to enter a number for the bank transfer.
Tip: To automatically generate transfer numbers, enter the first transfer number in the Next Number field for bank transfers on the Documents tab of the Bank Options screen before using the Bank Transfers feature.
Transfer Posting Date
Specify the date the transfer will be posted to General Ledger.
This date automatically determines the value in the Fiscal Year/Period field (that is, the year and period to which the transfer will be posted to General Ledger).
Transfer Reference
Use this field to enter an optional reference of up to 60 characters for the transfer.
Rates Table
If the bank transfer is multicurrency, the options in the Rates table allow you to override exchange rate information specifications.
Currency Code
Specify the originating and destination currency codes in the From Bank Rate and To Bank Rate columns.
Currency Description
This field displays descriptions of the currency codes provided above.
Exchange Rate
This field displays the exchange rate occurring between source and functional currencies.
Functional Deposit/Transfer Amount
These fields display the transfer and deposit amounts in the functional currency.
Rate Date
This field displays the date of the bank entry.
Rate Type
Specify the type of rate assigned to the entry, such as SP (daily spot rate) or AV (monthly average rate).
Rate Type Description
This field displays a description of the rate type provided above.
Transfer - Deposit Conversion
These fields display the action and amount used to compute the conversion rate for the deposit to functional currency.
Transfer/Deposit Amount
This field allows you to specify the transfer and deposit amounts.
Service Charges table
Account Description
The description (up to 60 characters) of the General Ledger account where the transfer Service Charge is to be processed.
Amount
The amount you are charged for transfers by the originating bank or the destination bank, displayed in the same currency specified for the transfer amount or the deposit amount.
You use a separate line to record the service charge for each bank.
Bank
The bank codes that appear here are those of the banks you chose in the Transfer From and Transfer To fields.
Currency
Service charge amounts are displayed in the currencies used for the transfer amount and the deposit amount.
Distribution Code
Specify the distribution code that includes the general ledger account you want to update when you post the entry or transfer.
Displays the description for the specified distribution code.
G/L Account
You use this field to specify a general ledger expense account to debit for the service charge.
If you specified a distribution code, the program displays the account associated with that code, but you can change the account.
Note: Do not select an account if posting to it is prohibited in the General Ledger account record.
Taxable
If the service charge added to the bank transfer is taxable, double-click in this field to change the entry to Yes.
Tax Excluded
If the tax authority associated with the tax group for this bank does not allow taxes to be included, then the tax amount appears in the Tax Excluded field.
Tax Gross Distribution Amount
When you enter Yes in the Taxable field, the amount in the Amount field appears in the Tax Gross Distribution Amount field. This amount can change if you select a Tax Group through the Taxable field context menu.
Tax Included
If the tax authority associated with the tax group for this bank allows taxes to be included, the tax amount appears in the Tax Included field.
Total Tax
This is the total of all the amounts from the Tax Amount fields for all the tax authorities in the grid.
Overview
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.
In a multicurrency system, if a bank involved in a transfer is multicurrency, the program displays the bank's statement currency as the default, but you can change the currency. The program uses the rate type specified for the currency in the bank record to determine the exchange rate to use to convert the amount to your functional currency. However, you can change the rate type, rate date, or the exchange rate, if you need to do so.