This function lets you record movements from one bank account to another bank account. The end result is a withdrawal transaction posted to one bank account, a receipt (deposit) transaction to the other bank account.
Multiple line items affecting multiple ledgers (normally owners, properties or their units) can be posted.
The most common use of a bank to bank transfer is when a tenant’s security deposit money is deposited in the checking account and is then moved to the escrow (security deposit) bank account. In that case, the affected ledger could be a unit or that unit’s owner. Similarly, if the tenant refund check is paid from the checking (owner’s funds) bank account then one way of transferring that money is through this function.
Note: This function posts the withdrawal and deposit transactions. You must then take whatever steps are necessary to physically move the funds.
Date
Use this date field to enter the date the transfer takes place.
Reference
This field defaults to Bank Transfer. You can change it to any appropriate reference for the transaction.
From Bank
The bank from which the funds are being withdrawn.
To Bank
The bank to which the funds are being deposited.
Load All Balances
This button will load all ledger balances currently in the From bank account to be transferred. This is especially helpful if you are changing bank accounts.
Memo / Comment
Enter a memo or comment if appropriate.
Total
This is a protected field calculated from the sum of the line items entered.
Line Items
Additional line items can be entered by clicking in the area below the last line item.
Ledger
The ledger being affected. Select from the Find List.
Amount
The amount being transferred for that ledger.
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