Overview
Moving funds between properties is a fairly simple process. However, this is only true if both properties are using the same bank account. If you are trying to move funds between two different properties on two different bank accounts, for instance, you'll need to take an extra step to get this done properly.
The Steps
To follow along with this tutorial, we are going to use the example of Property A with funds in Bank A and we want to move those funds to Property B with Bank B.
To move funds between properties with different bank accounts, click the + Create New button on the top left corner. Then click Bank Transfers under the Other Transactions section.
On the Bank Transfer window, you'll want to enter the following information.
(Again, we are using Property A with funds in Bank A, and we want to move those funds to Property B with Bank B. The amount we are transferring is $1000. )
Transfer Date: set the date the transfer occurred
Source Property: Select the property where the funds were originally located. In this case, it's Property A.
Source Unit: (Optional)
Source Account: We would select the bank holding the funds for the Source Property, in this case, it's Bank A.
Receiving Property: Select the property where the funds are going. In this example, select Property B.
Receiving Unit: (Optional)
Receiving Account: Select the bank you are transferring the funds to, in this example, it's Bank B.
Amount to Transfer: Enter the amount you are transferring.
Click Save to finish.
That's it. Funds will have moved from Property A, Bank A to Property B, Bank B.