Bank Reconciliation > Bank Transfers > Record Bank Transfers

The Information Page allows you to set up general information about the bank transaction.

To set up the target bank, transaction code, required settings and general information about this bank transaction, perform the following steps:

1.Enter in the Target Bank # field the bank account to which you are making the bank transfer. Once a valid bank account is entered in the Target Bank #, the corresponding bank name, bank account number and account description will be displayed in the Target Bank Details area.

Note: The target bank may have a foreign or home currency which may not necessarily be the same as the source bank currency. The system automatically converts the amount transferred from the source bank account to the currency of the target bank account.

2.In the Transaction Code field, enter a transaction code to identify the nature of this bank transfer. The transaction codes that will be accepted in this field are those transaction code records that are assigned "Intra-bank Transfers" or "Inter-bank Transfers" transaction types as defined in its Transaction Code Maintenance Record. Alternatively, you may click on the List box button to display the available Transaction Codes; then, select the option from the list.

Note: A valid Transaction code must be entered in this field so that the Save button becomes enabled; otherwise, the system will now allow you to save the transaction.

3.Enter in the Transfer Date field the date when the bank transfer transaction will be posted in the system. The default value is the current system date.

4.For your reference, enter in the Description field a brief explanation of the bank transfer transaction. The system will not allow you to save this transaction if you have not entered a value in this field.

5.In the Reference field, enter any information that will help you identify the transaction such as document number or transaction type. This field is optional.

6.Enter in the Transfer Amount field the amount of the bank transfer. If the bank entered in the Source Bank # field is a foreign currency bank, the adjacent field displays the bank's Currency code.

7.The Received Amount field automatically displays the amount that will be transferred from the source bank to the target bank using the currency of the target bank. If the currency of the source bank and target bank are the same, this field and the Transfer Amount field will have the same amount.

If the target bank account is a foreign currency bank account, the bank's currency exchange rate is displayed adjacent to the Received Amount field. The default value in the exchange rate field is provided from the currency exchange maintenance record of the currency code assigned to the target bank account record. You may amend the exchange rate in this field when necessary.

Note: Once a value is entered in the Transfer Amount field, AccountMate will automatically calculate and display in the Received Amount field the equivalent amount in the target bank's currency based on the value displayed in the exchange rate field. You may amend the system-calculated value in the Received Amount field when necessary.

8.The Post to GL checkbox is enabled and accessible if you selected the Option to Post option in the BR Module Setup function. Mark the checkbox to transfer the transaction to the General Ledger module. If you have marked the Always Post option in the BR Module Setup function, this checkbox is always marked and inaccessible.

9.In the Source Bank area, mark the Reconciled checkbox if the transaction has already shown on your source bank account's statement as received; otherwise leave the checkbox blank. If the transaction clears the bank later, you can mark it reconciled using the Reconcile Bank Account function.

Adjacent to the Reconciled checkbox is the Reconciled Date field which is enabled if the Reconciled checkbox is marked. Enter in this field the date when the transaction appears on your source bank's statement.

10.In the Target Bank area, mark the Reconciled checkbox if the transaction has already shown on your target bank account's statement as received; otherwise leave the checkbox blank. If the transaction clears the bank later, you can mark it reconciled using the Reconcile Bank Account function.

Next to the Reconciled checkbox is the Reconciled Date field which is enabled if the Reconciled checkbox is marked. Enter in this field the date when the transaction appears on your target bank's statement.

Note: The Reconciled checkboxes in both the Source Bank and Target Bank areas are inaccessible once the fund transfer transaction is saved. To mark or unmark the Reconciled checkbox, you must use the Reconcile Bank Account function for the source bank and target bank respectively. Please refer to the Reconcile Bank Account function topic for the details.

Information Page

Information Page

See Also