Transferring Money to Another Bank Account

To transfer money from one bank account to another, you need to do the following:

Make a withdrawal from the account that the money is being transferred from
Make a deposit into the account that the money is being transferred to

When you transfer money from one account to another, you need to make sure the transfer is recorded in the check registers for both accounts. To do this, use the unknown expense account to offset the entries for each part of the transfer.

To transfer money to another bank account

1. Make a withdrawal from the bank account that the money is being transferred from:

a. From the General Ledger, select Check Reconciliation.

b. Select the payment account that the money is being transferred from. Then click Add.

c. For the transaction type, select Withdrawal.

d. Type the name of the payee for the withdrawal.

e. Type a memo, reference (such as a document number), or both if needed.

f. Click Add, and make an offsetting entry to the unknown expense account. For more information, see Withdrawing Money from a Bank Account.

g. Click OK, and follow the on-screen instructions to complete the withdrawal.

2. Make a deposit into the account that the money is being transferred to.

a. From the General Ledger, select Check Reconciliation.

b. Select the payment account that the money is being transferred to. Then click Add.

c. For the transaction type, select Deposit.

d. Enter the payee.

e. Type a memo, reference (such as a document number), or both if needed.

f. Click Add. Then make an offsetting entry for the same amount as the withdrawal performed in step 1, posting it to the unknown expense account.

g. Click OK, and follow the on-screen instructions to complete the deposit.