If Cash Management is in use:
- On the navigation bar, click Banks
- Select the bank account from which money is being moved OUT from the drop-down list
- Click Create a new adjustment
- Select a Category (set of defaults) or create a new category
- If creating a new Adjustment Category, a new window will populate
- Fill out any desired defaults
- Save and close the new Category
- Enter the appropriate information on the Adjustment tab
- Select Transfer Out from the Type drop-down list
- Select the bank account from the Transfer To drop-down list
- Add any notes
- Select the distribution tab to ensure the appropriate cash accounts are selected
- Save and close the Adjustment
- Confirm the Transfer In now appears in the other Bank involved in the transfer
If Cash Management is NOT in use one of the following can be used:
- In General Ledger, create a journal entry batch with a debit to the transfer to cash account and a credit to the transfer from cash account. This will increase the cash balance in the transfer to bank and decrease the cash balance in the transfer from bank. This transaction will not be reflected in the bank register.
- ***If you have Cash Management, the option to Create Bank Adjustments when posting to a bank's cash account within the journal entry batch should be UNCHECKED. Otherwise, all of the information will be duplicated in the bank.***
- Create a one time check out of the transfer out bank with the appropriate distribution. If using Miscellaneous Cash Receipts, create a deposit in the transfer to bank to show the transfer in transaction. Mark one of these as Do Not Post to avoid a duplicate posting in the General Ledger.
Note: If a check is needed to transfer the funds between banks, you can use option 3 above to create a One-time check and then create a Deposit Adjustment in Cash Management, marked as Do not post, to enter the amount into the receiving bank's register.