DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Transfer between bank accounts


#1

Is it possible to create a feature in the the actual bank section to transfer between accounts without the need to go back and forward from the bank accounts- ie, you have received spent, and transfer as separate functions: When you have imported statements and you are allocating the entries to their correct accounts, at present, any transfer between accounts must be manually entered into one of the two relevant accounts and the bank statement line needs to be deleted in both relevant accounts- Im hoping this makes sense- best way to know what I mean, is check out xero or myob and see that every bank account has the ability to receive, spend, create and transfer within in its own page- so you pick up the amount from the bank statement, select edit, then you can transfer (rather than as at present, go in to transfer between accounts, create the transfer, then delete the statement line entries for both accounts.


#2

I would used this feature too - as I have often moved money between accounts and have not bothered to do this the long way - instead leaving it my accountant to sort out - It would keep reconciliations simple and logical.


#3

I’m actually going to get rid of “transfer money” button completely in bank account context. You see, if you are importing bank statements, you will probably want to set up bank rules at some point where your receipts and payments will be automatically categorized when importing. It’s really beautiful thing to import bank statement and have most (or ideally all your transactions automatically categorized without any clicking at all - talk about bookkeeping on autopilot).

Bank rules and bank transfers are just too difficult to get to work together though. This is the reason why you can’t configure bank transfers as a bank rule in Xero or MYOB (and it drives many of their users crazy because they have to manually enter each bank transfer rather than having software automatically creating them).

So what Xero and MYOB are recommending? “Oh, don’t use our transfer money feature and code bank transfers to Suspense account”. Fair enough. So at least they acknowledge they don’t have bank transfer mechanics implemented well. And I don’t want to repeat the same mistakes.

I have an idea how to solve this. You will be able to categorize imported transactions as a bank transfer directly from within the imported transaction. And it will play nicely with bank rules so if you do regular bank transfers, you will be able to set up a rule and have it even categorized automatically by system upon bank statement import without any clicking at all.


#4

Good idea.
A problem that I have with the current way is that a transfer only has one date. If I transferred something in the last days of the month/quarter and it arrives in the next quarter, then it makes some of the reports look like it’s not adding up.