Knowledge Base

Funds Transfer

Accounting & Taxes

Funds Transfer

Use the Funds Transfer form to move money from one account to another, for example from checking to savings, or from a bank account to pay down a credit card or loan balance.

Form Access

  • From the main menu, click Banking | Funds Transfer.

Which accounts can be used

Both lists show accounts from your Chart of Accounts of these types:

  • Bank
  • Credit Card
  • Other Current Liability
  • Long Term Liability

The Sales Tax Payable account is not listed. Choose <Add New> at the top of either list to create a new account without leaving the form.

Field Definitions

Transfer Funds From. The account the money leaves. Its current Account Balance and the New Balance after the transfer appear beside it.

Transfer Funds To. The account the money goes into, also with its Account Balance and New Balance. You cannot choose the same account in both lists.

Transfer Amount. The amount to move. This box becomes available once both accounts are selected, and the amount must be greater than zero.

Date. The date of the transfer. It defaults to today.

Entry Number. Defaults to "FT" followed by today's date (for example FT091526). You can change it.

Memo. Defaults to "Funds Transfer". Replace it with a short description of why the money moved.

A balance shown in red is negative.

Buttons

Save and Close. Saves the transfer and closes the form.

Save and New. Saves the transfer and clears the form for another one.

Exit. Closes the form. If you have unsaved changes, Total Office Manager asks whether to save them.

Step-By-Step

  1. Open Banking | Funds Transfer.
  2. Select the Transfer Funds From account.
  3. Select the Transfer Funds To account.
  4. Enter the Transfer Amount and check the New Balance of both accounts.
  5. Change the Date, Entry Number or Memo if needed.
  6. Click Save and Close, or Save and New to enter another transfer.

Tips

  • A transfer is saved as a journal entry, so it also appears in Banking | Journal Entry List and in both accounts' registers.
  • Once a transfer has been cleared in a bank reconciliation, its accounts, amount and date are locked. This keeps the reconciliation from being undone by accident.
  • To pay a vendor or a credit card bill with a check, use Write Checks or Pay Bills instead, so the payment shows in your vendor history.