DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Posting transfers between bank accounts


#1

I have two bank accounts. One processes all of my credit card sales and cc expenses, the other one ( a debit card) is used to pay everything else. I transfer cash from the cc account to the debit card account. How do I deal with these transfer entries when posting from my downloaded bank statement?
Very nice software, by the way. Thanks


#2

In the Settings go to the Chart of Accounts and create a new account named “Inter Account Transfers.” The category of the account does not matter but the Equity section is probably the most appropriate. Use the Inter Account Transfers account when you classify the payment from the outgoing account and when you classify the receipt into the debit card account. When both are classified the Inter Account Transfer payment and receipt will cancel each other and the two bank accounts will reflect the correct balances simply from the imported transactions.


#3

As you might have guessed, I’m not a book keeper, so thank you for your simple and elegant solution.


#4

I got a very similar question, very low accounting knowledge, my questions is a little more complex, I have:

  • Operational account (checking)
  • Merchant Account (checking) where we
    deposit money coming from
  • Paypal Paypal Account
  • Savings Account

I download transactions from my bank and import with a qbo file and if file, how do I categorize these transaction between accounts, specially when I withdraw money from Paypal, it goes to Merchan Account and then this feed my operational and savings.

I have learn to use that chart account page , do I need to create a new account under Equity with the name of “Inter Account Transfers” ? Tony does this needs to be on the Equity accounts section?

I’m not 100% if I understand.

Im tying to mimic what my previous bookkeeper did on quickbooks, I think this software is really good and I’m thinking to migrate to here.


#5

The account can be named anything that suits you and it does not need to be created in the Equity section. The key point is the balance of the account should always zero out after both the outgoing transfer and the incoming transfers are posted to it.


#6

Thanks Tony will try that to see how it goes.


#7

You can convert the imported payment/receipt transactions to a single “transfer” transaction with this tool…

The files are in the “release” tab.
It supports multi currency too.


#8

How do it install this on my mac? is this just windows?

No idea to make it work, it goes as a plugin on Manager?


#9

Sorry, I don’t have a mac.
Get sharpdevelop.
Download the source from git and compile.


#10

I’m currently working on Bank accounts tab and there is going to be an easier way to handle transfers in imported bank statement scenario.


#11

I made the “inter account transfer” under equity. where do I post the transaction? I tried journal entry, but that doesn’t change my account balances, as there is nowhere I can select the PayPal and my Commercial Bank.
Any help would be appreciated as I am not that proficient with accounting.

It’s okay, I think I got it worked out. Will get back if I run into problems.


#12

Robert55 how are you doing with this “Inter Account Transfer” Account to resolver this issue?.


#13

Go to the source account and click Transfer Money. Fill in the screens. It is pretty obvious.


#14

If you use Transfer Money and import your bank account transactions it will create a duplicate of the transaction. I would not recommend using Transfer Money for recording transfers between bank accounts because the transfers will appear when you import the transactions. If you follow the procedure indicated above in this thread and copied below you can easily account for transfers between bank accounts.

> In the Settings go to the Chart of Accounts and create a new account named “Inter Account Transfers.” The category of the account does not matter but the Equity section is probably the most appropriate. Use the Inter Account Transfers account when you classify the payment from the outgoing account and when you classify the receipt into the debit card account. When both are classified the Inter Account Transfer payment and receipt will cancel each other and the two bank accounts will reflect the correct balances simply from the imported transactions.