Transferring funds between accounts

https://help.myob.com/wiki/x/6oii

ANSWER ID:1725

To transfer funds between accounts, you first create a transfer account, then use this account to transfer the funds. Using a transfer account, specifically created for this purpose, will avoid affecting your cash-flow report which may occur if you do a cashbook entry straight between accounts.

1. Create a transfer account

Go to the Maintenance command centre and click Maintain Chart of Accounts.
Press F4 on your keyboard to create a new account.
Use whatever name and account code you like, although it is recommended to keep the bank account codes together.
Click OK.

2. Transfer funds using the transfer account

Go to the Processing command centre and click Enter Transaction. The Transaction Entry Options window is displayed.
Select the applicable Accounting Period.
Select the Bank Account you want to transfer from.
As the Transaction Type, select Sundry Debits.
Click OK.
Process the transfer entry to the transfer account code created above.
Click OK and post the transaction.
Go to the Processing command centre and click Enter Transaction. The Transaction Entry Options window is displayed.
Select the same Accounting Period as specified at step 2.
Select the Bank Account you want to transfer TO.
As the Transaction Type, select Sundry Credits.
Click OK and process the transfer entry from the transfer account.
Click OK and post the transaction.

You now have successfully transferred between bank accounts.

Related topics

Cashbook user guide

Child pages

ANSWER ID:1725

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