“What is the best way to move funds from one of our bank accounts to another asset account?” I get that question a lot. There are a couple of ways, but perhaps the best way is to use Enter Transactions in Bank Account Management.

The following steps illustrate moving $1,000.00 from the Operating Account (10110) to the Savings Account (10180).

  • Navigate to Bank Account Management
  • Hover over Enter and choose Transaction
  • Verify that the Financial Settings Bank Account shows the Operating Account code. (Screenshot above shows setting for the operating account)
  • Enter the Savings Account’s account code as shown above
  • Enter a description
  • Enter the transfer amount in the Charge field.
    • NOTE: This entry will create a Credit transaction in the Operating account, and a Debit transaction in the Saving Account.
  • Click Update to save your entry
  • Hover over Manage and choose Unposted Transactions
  • Select the transaction you just created and click Post Transactions

One thought on “Best Practices: Transferring Funds”

  1. This is helpful Alfred. Thanks. Now can you demonstrate how to do the same thing when we have FUND 0 and FUND 1?

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