Overview
There may be an instance where you’ll want to transfer funds from one bank account to another. For example, what if you accept online payments and someone pays you both rent and a security deposit, but both payments then go into your operating account? But really, you want these security deposit funds in your escrow account.
With Bank Transfers, you’ll be able to move funds from one account to the other, correct mistakes when money is transferred into the wrong account, or make adjustments where needed.
The Steps
To make a bank transfer, click the + Create New button at the top left-hand corner and then click Bank Transfer under the Other Transactions section.
On the Bank Transfer window, enter the date that the transfer will occur in the Transfer Date field.
You’ll now see two sections called Transfer From and Transfer To. Enter the following information:
In the Transfer From section, select the Source Property, Unit and Source Account from which you want to transfer funds.
In the Transfer To section, select the Receiving Account into which you want to transfer the funds. (You do not need to change the Receiving Property.)
In the Amount to Transfer field, enter the amount you want to transfer.
(Optional) Add a Memo or upload a file related to this transfer.
Click Save to complete the transfer.
You can view the outcome of this transfer by going to the Transaction Details report and filtering the type by Transfer. You’ll see that funds came out of one account and into another. This can also be viewed under Accounting > Banking. Click the two bank transfer accounts. One will show a negative transfer, while the other a positive one.
Next Steps