Bank Transfers

Problem Details:

Is there a way to transfer funds between banks without having to do a deposit in one bank and a withdrawal in the other bank?



Yes.  Go to Bank Services / Bank Transactions / Bank Transfers.  The Bank Transfer function is used for 3 things:

  1. Transfer funds between two bank accounts
  2. Record any service charges related to the transfer
  3. Correct a deposit or withdrawal that has been posted to the wrong bank

The transfer number will automatically be assigned from Sage.  Enter any desired Description and Reference and then enter the bank code where the funds are being withdrawn from on the left side, and the bank code where the funds are being deposited into on the right side.  For a single-currency company, the transfer amount, functional transfer amount, deposit amount and functional deposit amount will all be the same.  For a multi-currency company, these amounts will fluctuate with the foreign exchange rate.  To edit the foreign exchange rate or the converted amounts, click on the 'Rates' button on the bottom of the screen.


The Bank Transfer Exchange Rates pop-up screen will be displayed:

Changing the exchange rate will update the Deposit Amount and changing the Deposit Amount will update the Exchange Rate.  Each adjustments changes the other related field.  Closing this screen will update the main Bank Transfer screen with the new amounts.

If there are any service charges related to this transaction, they can be recorded at the same time using the Service Charges detail section at the bottom of the Bank Transfers screen.  Enter the GL account, and the charge amount against the bank where these charges will be withdrawn from. 

In the example above, the following entry will be created in the General Ledger:


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