Hi Sorry if this question has been covered before, I am very green at bookkeeping. I want to know how I should be handling internal transfers? My income goes into one account, but then I transfer funds to 2 other accounts with the same banks to pay for different things.
Thanks
Read the Guide: Transfer money between bank and cash accounts | Manager.
Yes I did read that, and I started doing that internal transfers, but it just seems to be doubling up. The internal transfer is coming across on my bank statement when I import it, and they are all in the suspense account. I thought that this journal entry would clear the suspense account but it doesn’t. Is that right, do I I just leave them in the suspense account unallocated? Is seems to effect my Balance sheet as I can’t seem to reconcile any bank accounts, thought this might be the issue.
You cannot use both into account transfers and import the bank statement directly. You can search the forum to see many previous discussions on this subject. Basically, you must do one or the other.
Hey Tut, How do you add the accounts or link the accounts to the “Paid from” and the “Received in” draw down boxes? Thanks in advance.
Add them under the Bank and Cash Accounts tab. Read the Guides:
https://www.manager.io/guides/9219
https://www.manager.io/guides/11367