Funds Transfer

Created by Level 1 Support Team, Modified on Tue, 03 Oct 2023 at 11:20 AM by Level 1 Support Team

What is Funds Transfer?

Fund transfer screen is used for transferring money internally between your bank/cash accounts.
It can also be used to transfer money from Bank to Cash (withdrawal) or Cash to Bank (Deposit)
This is more like a Contra Entry in traditional accounting systems.

How to use Funds Transfer?

Accounting-->Funds Transfer-->Create New

To Do a Fund Transfer

Select the account from which you want to transfer the money out In the Transfer From dropdown. The balance will be shown on the right
Select the account to which you want to transfer money to in the Transfer To dropdown
Enter the amount to transfer
Enter the transfer details
Save
In case of a mistake, you can do a reverse entry

Click on ADD button to complete the process.

Note: In any of the screens, if there is a Memo field, that would be used as the narration in the respective GL postings. If you check the GL after making an entry in any of the accounting forms, the memo entered in those forms would be used as the Narration against the GL entry.