DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Transfer between Accounts


#1

I have received money into AccountA either by “Recieve Money” from an Invoice or “Receive Money” directly into the account.

I now want to transfer certain transactions to AccountB. The only way of transferring is to go into “Transfer Money” but you can only specify the amount - not which transaction it relates to. If I go into AccountA and click on an entry, the “Receive into” Drop-Down is greyed out.

What’s the best way of achieving this?


#2

The only way to change the accounts involved in transactions is to edit the record. The Transfer Money feature refers to actual transfers of funds between cash or bank accounts. Such a transfer is a completely new transaction, not some form of switching a pre-existing transaction to another account. So your reference to “which transaction it relates to” is meaningless.

Also, the Received In box isn’t “grayed out” in the sense that you can’t use it. It’s gray initially because it shows a default entry (Suspense account). Click on the dropdown arrow and you’ll see all the other cash and bank accounts you’ve created. Obviously, if you haven’t created other accounts, you can’t transfer into them.


#3

Thanks Tut. I’m trying to understand. I’ve issued lots of invoices and received payments in cash and cheques which I’ve kept at home until I get to the bank. To keep track of these I’ve created a bank account called “At Home” and I’ve ‘received money’ into that account both directly and via the invoice. Now when I take this money to the bank I want to transfer it into my “At Bank” account. If I just use “Transfer”, I can only specify an amount of money and it doesn’t preserve the invoice it is associated with. When I click the “At Home” account I get a list of all the payments and when I click the Edit button of one of them, at the bottom it says “Received in” and my home bank is greyed out and there is no drop down. I just want to change the bank it is received into, but can’t.


#4

Thanks, @netconuk. Good explanation. I don’t think there is a way to do what you describe. Your situation is that when you create a sales invoice, you have recorded a financial transaction that debits Accounts Receivable (and the appropriate customer’s sub account) and credits an income account (perhaps Sales or something similar). Accrual accounting recognizes the revenue at that point, even though you have not been paid by a customer. That revenue is offset by the asset of the receivable.

Receiving money is the next transaction, debiting your At Home account and crediting Accounts Receivable. The essential ability was to be able to link an incoming payment to an outstanding receivable. Accounts Receivable is thus cleared and plays no further role in this particular scenario.

If you then want to move the money to At Bank, that is an unrelated transaction from an accounting point of view. So Manager no longer knows or cares where the money came from. Any given transfer could have been from any previous source.

The Bank Accounts tab is still being worked on by @lubos, but will eventually allow you to do something similar to what you want. The approach will be to eliminate the At Home account and consider those payments you are holding as uncleared deposits until after you have deposited them and they appear on your statement. This is currently somewhat functional, but not complete, and is tied in with ongoing work on bank reconciliation. So there are no Guides yet to fully describe it.