Manage Fund Transfers

Fund Transfers describe the movement of funds from one bank account to another.

 

 

 

 

 

Steps

TRANSFER FUNDS BETWEEN BANK ACCOUNTS

1. Go to the Banking module > Tranfers and select the New Transfer Fund option.
   
   

2. The New Transfer Fund form will be displayed.
   
   
   Refer to the table below for the functions and definitions of the fields found in the New Transfer Fund form.

Fields	Definition
Date	The date of the fund transfer is set to the current date in the Date field. You can change it accordingly.
Reference 1 & 2	You can optionally enter reference codes for the fund transfer in the Reference 1 and Reference 2 fields. References may include the user names of the transferor and the transferee.
Memo	Enter a short memo describing the fund transfer in the Memo field.
Payment Account, Bank Account & Transfer Account fields	Take note of the default bank account in the Payment Account section. You may select another bank account in the Bank Account field. Indicate the amount to transfer in the Transfer Amount field. Select the bank account to transfer the funds to in the Bank Account field of the Receipt Account section. The amount that will be transferred will appear in the Receipt Amount field.
Bank Charge	Enter any bank charges (for the Payment Account section) or service charges (for the Receipt Account section) from the bank in the Bank Charge fields.
Currency	Set the currency used for the sales quote. You may change the currency as needed.
Contact	This field shows the contact assigned for the sales quote.
Location	Select the default location to which the items should be picked from.
Web Store	Select the website assigned to the sales quote. You may change the website as needed.
Source	Optional: You may change the default Source for the customer.
Ship Date	Assign a date for the shipment to be delivered to the customer.  Click on the arrow button next to this field to view the Latest Ship Date and Overall Due Date fields. You can assign approximate dates for these fields.
Opportunity	If the sales quote is generated from an opportunity record, the Opportunity Code will display in this field. You can also assign an opportunity record by selecting it from the pulldown list. Click on the arrow button next to this field to view the Wave fields. You can select a related campaign wave to the sales quote.

3. Save the details before closing the form.

 

CHANGE THE DEFAULT EXPENSE ACCOUNT FOR BANK CHARGES

1. Go to the Accounting module > Setup and select the Default Account option.
   
   

2. The Default Account form will be displayed. Click Banking from the List tab.
   
   

3. In the Expense – Bank Charges field, select the desired account code to become the default account for bank charges. See also: Assign Default Accounts
   
   

 

VIEW BANK PAYMENT RECORD FOR FUNDS TAKEN OUT AND OTHER CHARGES

1. From the New Funds Transfer form, click on the Bank Account in the Payment Account section. The Bank Account form will display.
   
   

2. In the In the Transaction History List section > View Options , click on Payments to filter all bank payment transactions. You will find the bank payment records created upon processing the funds transfer. Separate bank payment records are created for the transferred funds and the bank charge (if any). 
   
   

 

VIEW BANK RECEIPTS FOR RECEIVED FUNDS

1. From the Funds Transfer form, click on the value inside the Bank Account field in the Receipt Accountsection. The Bank Account form will display.
   
   

2. In the Transaction History List > View Options , click on Deposits to filter all bank receipt transactions. You will find a bank receipt record created upon processing the fund transfer.

 

VIEW FUND TRANSFERS

Steps:

1. Go to the Banking module.

2. On the Record menu page group, select Find Transfer Funds under the Transfer Funds drop down list. The Funds Transfer History search screen will display.
   
   

3. Select fund transfer record to display the Fund Transfer form.