I have never used this before. I used to put all transfer to another bank account in the bank statement to a slush account “Transfers” and hoped they contra each other out
So now can I just use Inter Account transfers?
I dont understand how it will work
I will still have Uncategorized Payments and Uncategorized Receipts in my imported bank statement?
see this section of the guides
Inter Account Transfers: Transfer money between bank and cash accounts | Post inter account transfers from imported bank statements
in particular the second which discussed how to deal with bank imports given Managers current limited ability to match prior entered transactions & bank rule limits
Yes thanks Patch, I did read that but wanted a real time brain thought from someone who has done it.
Sounds like not what I am after any way
You are waiting for this idea Ability to convert two transactions to a Inter Account Transfer
In the interim you can manually use the inter account transfers or use a clearing account.
You will always have to assign any uncategorized payments or receipts from bank imports irrespective of using interaccount transfers or not.
I share the same view as @eko and see no reason to use Inter-Account Transfers if you import all bank account transactions. I always manually create an Inter-Account Transfers account and allocate payments and receipts to that account using the rules. If the balance of that is account is not nil it is easy to find the Inter-Account payment or receipt that was incorrectly categorized.
Options
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If you use Managers inter account transfers tab; then you currently have to manually enter these transactions. In addition if you use bank imports you have to manually delete the corresponding bank transfer entries. Automating all this is what the above idea encompasses Ability to convert two transactions to a Inter Account Transfer the optimal solution in the long term imo
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If you do not use Manager’s inter account transfers tab; you can instead create a clearing account. The clearing account is the destination of inter account transfers from both bank accounts. The running balance should be zero when both arms of the inter account transfer have been entered (eg by by bank import). This approach does not require manual entry and is within Managers current capabilities.
In the interim the optimal solution probably depends on how long each user guesses it will be before the referenced idea is implemented.