There are two major differences when recording Internal Transfers.
The Option in the menu, “Internal Account Transfers” is great, except it doesnt have a feature to record multiple account transactions. Meaning you can record internal transfers but to be able to record a “transaction fee” incurred by that transfer you need to create another transaction in payments, just to input that transaction fee.
Which brings me to the second option, which is recording a receipt transaction and setting account “Internal Account Transfers” which will record the internal transfer and allow you to record transaction fee in the same record.
It would be great, if when recording “Internal Transfers” through option B, then the transactions are automatically recorded in the internal account transfers tab. Or for the internal account transfer tab to include recording of transaction fees, (or to just be able to record multiple transactions in the same record. As sometimes there may be other costs like taxes, paying facilitator etc.
PS, i just realized when you save a internal account transfer through payments, it doesnt reflect in the Bank Account that receives the money. Money leaves the account making the payment, then dissapears somewhere?!
A receipt is a transaction recording money received by the business
An internal account transfer is a transfer of money in the business from one account to another account
It make no sense to do both at the same time - please explain what you are trying to achieve
Please note.. i recorded the account as internal account transfer.. so its not suspense! And i entered the account receiving the payment..
the money left the paying account but wasnt recorded in the recieving account.. i will retry again and if it brings similar issues i will send with screenshots
It is possible to do internal account transfer using payment/reciept instead of suspense you choose “internal account transfer” as the account when inputting inline items.
I am not saying we have double entry, i am saying we have records reflect in internal account transfers when done in payments or receipts.
as you can see above, i have input all the accounting details, where the payment was made, the account transfering the money, and the receipient account as well. No Suspense account.
However, after i save this (here i am in edit view - the payment is already saved) Still amount leaves the payment account but doesnt arrive at the receiptient account.
That is my point. So i raised this up before and the admins directed me to record inter account transfer using the pay/receive feature.
It would be great to have multiple account transactions embedded in the inter account transfer.
where all the costs associated with the inter account transfers can be entered in the same transaction, eg fees, or if you have to pay someone, of if there were other accounting fees associated as well like sending someone to the bank, they use transport etc, forex exchange fees. and so on.
