Bank Transfers

• Bank transfers can be performed either directly from the bank transfers finder or from Bank reconciliations.
• A bank transfer is the transfer of funds between two Bank Accounts.
• If the bank accounts are from different Legal Entities then this is referred to as an Interco bank Transfer.
• To be able to transfer cash between Bank Accounts, the Legal Entity bank accounts must be setup to allow transfers between each other. The Legal Entities must also be setup to allow Interco documents between each other.

Tip

Set the default Bank Transfer batch series in Environment settings. Set the Bank Accounts to allow Interco Setup the Bank Accounts payment methods for Internal transfer and Interco transfer. Set the Bank Accounts, allowed transfers Set the Document series on the bank transfer Document types and ensure the effective date is sufficiently in the past to suit e.g. historical transfers on the Bank Reconciliation.

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Bank Transfer

• This transfer is between two Bank Accounts from the same *Legal Entity.

1. Select New and then choose a row for the bank accounts you wish to transfer funds between

   

   Transfer funds between different Legal Entity Bank Accounts

   • Select Bank Accounts from different Legal Entities.

   

2. Enter the transfer details

   

• Amount: This will be automatically set if the transfer is from a Bank reconciliation.

• Date(s): This will be automatically set if the transfer is from a Bank reconciliation.

• Description(s): This will be automatically defaulted if the transfer is from a Bank reconciliation.

• Bank reference(s):

• Payment method: This catalog is restricted to payment methods on the Bank Accounts for Internal transfers.

  Note

  Payment methods are restricted to those setup on both Bank Accounts.

  Tip

  You can fix the payment method on the Bank Accounts.

  

  Draft Cash book Interco Transfer (CBIT)

  

3. Select Create as Draft.

   Tip

   You can choose SUBMIT rather than Create as Draft and the transfer will be submitted for authorisation and subsequently posted to the GL following authorisation.

4. View the draft transfer.

   

   Note

   For internal transfers within the same Legal Entity, only one document will be created with two transfer lines, one for each Bank Accounts.

   Interco transfer

   • The transfer creates two documents, one in each Legal Entity and includes a line on each to reflect the Interco movement.

   

   • The Interco movement line is defaulted from the x in Accounts settings.

   

   

5. Select Submit to submit for Authorisation

   Drill down to the GL posting

   • Following authorisation and posting, by clicking on the transfer document number icon, you can drill straight to the GL to see the posting.

   

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Updated March 2024