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