GL-K  Transfer Bank Account Funds

Purpose of Program

Use this program to record transfers from one of your checking accounts to another.  For example, you may want to transfer funds from your general account to your payroll account prior to running payroll.  A completed transfer posts to the Other Journal and to the GL transaction file, as well as creating deposit and withdrawal records in the check register.

Multi-Currency Processing

If you have multi-currency processing turned on in IM-A  International Configuration, you can maintain bank accounts in foreign currencies.  If you transfer money from base currency to source currency or vice-versa, or from one source currency to another, this program will make the appropriate conversions using current exchange rates maintained in IM-C  Enter Currency Exchange Rates.   You can also enter the effective exchange rate for the transaction on the transfer entry screen.

General Ledger posting will remain in source currency.  Any difference between source and base currency amounts, or between two source currency amounts, will be an offsetting entry to your F/E Gain/Loss-Trxns account.

General Program Operation

Type in the Date of Funds Transfer.  This is the transaction date of the transfer.  The program displays a menu of bank accounts from which you must choose.

Use the up and down arrow keys to move the menu bar to highlight your choice, then press <Enter>.   The name of the bank account you choose is then displayed in the From Bank Account field, and a pop-up menu is displayed for you to choose the bank to which you are transferring funds.  Repeat the menu choice procedure to select the target bank account.

Once the bank accounts are selected, type in the dollar amount of funds to transfer.  The beginning balances for both accounts are displayed for your reference.  The Beginning Balance is the balance in the GL account for the checking account selected.  If there are any unposted transactions in GL-O  Print/Post General Ledger Batches, be advised that those amounts are not reflected in the balance displayed.

Next enter the Amount of Funds to Transfer and (optionally) edit the transaction description.  Once you press <Enter> in that field, you are asked if you wish to save the transfer.  If you answer Y, the transfer is posted and you are returned to the General Ledger menu.