Steps
- Open Transfer. In the back office sidebar, click Accounting, then Transfer in the module's top bar.
- Add a transfer. Click Add Transfer. Leave Ref No empty to auto-generate the reference.
- Choose the accounts. Pick the account the money leaves in Transfer From and the account it arrives in Transfer To, for example Cash on Hand to your business chequing account.
- Enter the amount and date. Type the Amount and set the Date the money actually moved, so it lines up with your bank statement.
- Add a note and save. Use Note for the deposit slip number or reason, then save. Both accounts' ledgers now show the movement.
- Edit or delete if needed. Find the transfer in the list and use its actions to edit or delete it.
Transfers versus journal entries
A transfer is a shortcut for the most common two-line entry: one account up, the other down by the same amount. Use Journal Entry when more than two accounts are involved, for example a deposit that also pays a bank fee.
Good to know
Set the Transfer Prefix in Accounting › Settings to tell transfers apart from journals in reports. Accounting is an add-on module. The Accounting item shows in the back office sidebar only when your subscription includes it and your role has the Accounting permissions.
Frequently asked questions
Does a transfer affect my profit?
No. A transfer only moves money between balance sheet accounts, such as cash and bank. Your income and expenses stay the same, so profit and loss is unchanged.
How do I record taking the till cash to the bank?
Add a transfer from your cash account to your bank account for the amount deposited, dated the day of the deposit. Put the deposit slip number in the note.
Can I transfer between a credit card and a bank account?
Yes, if both exist in your chart of accounts. A card payment from the bank is a transfer from the bank account to the credit card liability account.