You keep arguing from the banks operating perspective - how the banks internally process events is totally and utterly irrelevant. You, not the bank, make a series of withdraws and deposits which are recorded on their statements which align with your “single” Manager Inter Account Transfer transaction - with everything being reconcilable.
Or put it this way - you go for a walk, in bank A you withdraw from the cheque account 250 and deposit 100 to the saving account then you go to bank B and deposit 100 on the credit card, at bank C you withdraw another 150 from the transaction account and at bank D you deposit 200 on the overdraft. On arriving home you open Manager and create a “single” Inter Account Transfer covering all events.
The mechanical movement of the funds (walking / carrier pigeon / electronic) is as mentioned - irrelevant, the recording of the funding transactions - the accounting entry - is very relevant.
(1) True
(2) Does it matter if they are or not in the same institution. We are not discussing a user’s online electronic transfers within an institution here.
(3) If the user has created a Manager Bank Account, then Manager by default accepts that it can be transferred to/from - Manager can’t validate its actual usage in real life
(4) Why does multiple over single make it an issue - if the account can be selected, it can be selected in both single and multiple, once again we aren’t talking user online electronic transfers.
Generally users record the events that have already occurred in real life, uncertain as to how many users create a transaction scenario first then try to make it fit real life.
Which is exactly what Manager’s Inter Account Transfer is doing in the background - serving as a clearing account, it doesn’t post the “teller’s” double entry contra transactions.
(1) Doesn’t know, she never sees them as they are bank internal documents.
(2) None, single electronic withdraw entry
(3) The credit card is with a different institution but payable at the withdrawing institution.
You seem to want to argue over how many angels can dance on the head of a pin. All the things you say are technically correct. My concern was that multi-account/multi-bank transfers are likely to get many users into trouble and will be difficult for them to reconcile. My point of view boils down to two things:
Most if not all banks will do single account to single account transfers, so why not follow that pattern.
Cloning is where the big savings of effort will occur. So I’d rather see that than multi-account transfer capability.
But this is not my decision to make. And if the feature is added, I won’t be able to use it because my banks don’t operate that way. Despite your claim that we are not discussing online electronic transfers, I specifically was. That’s almost the only kind I make, both within and between institutions. And I do it several times per week. But if I physically go to the bank, they use the exact same software screens I do. So their capabilities are identical to mine.
Yes, which was contrary to the thrust of the topic. “Inter Account Transfer Enhancement” is about expanding the scope / usage of the feature beyond being limited to users simplistic electronic transfers where required - whereas banks do a single “statement” withdraw to create multiple “statement” deposits both internally and externally of the paying institution. Cloning wouldn’t suffice here.
It still does, transferring cash to different cash accounts will be faster.
It would be useful for me, and for many of others.
But depends on the work that will needs to be done to get it. There are more important features needed (Enhancing Limited user access, Purchase/sales order balance tracking, etc)
Hi,
Just got through this communication - in ideas.
my requirement is to do inter account transfer from the"import bank statement"
currently i do the transactions through ‘import data’ and allocate expenses to appropriate accounts. but have to delete the inter account transfer and do it manually. Good if inter account transfer is allowed in the import bank statement.
@ismail, your suggestion has been raised in other topics many times. And the reasons it won’t work have been explained many times. Briefly, the reason is that an imported statement has only half the picture.
@ismail, if you are importing bank statements, then it’s better to have equity account called Inter-account transfers and bank rule which will automatically allocate transfers to this account. Transactions in this account should contra themselves so the balance should always come to zero.
This is why I made Inter-account Transfers a separate tab. It should be used only if you want to record transfers between bank and cash accounts manually.
@ismail, note that an Inter-account transfers account will only contra to zero after statements from all banks involved in the transfers have been imported. If you import only one, the amount of the transfer will reside in the transfer account until you import the other.