Creating a Transfer fund

Creating a transfer fund involves specifying the date, account details, and amount you want to transfer. By doing so, you can effectively record the movement of money from one bank account to another.

To create a transfer fund, you'll begin by entering the posting date of the transaction, the transfer accounts, the transfer currency, and the amount to transfer.

To transfer the funds, go to Menu > Accounting > Transfer Funds

Funds Transfer Fields

Field	Description
Date	This field allows you to specify the date of the transfer.
Transfer From	This field allows you to select the bank from which you want to transfer the money.
Account Balance	This field shows the account balance of the selected account from which you intend to transfer funds.
Transfer To	This field allows you to select the bank to which you want to transfer the money.
Account Balance	This field shows the account balance of the selected recipient account to which you intend to transfer funds.
Transfer Currency	This field allows you to select a currency to transfer the funds in. At least one of the transfer accounts should be of this currency.
Exchange Rate	If the amount is being transferred to an account with a currency different from the home currency, you can enter the exchange rate in this field.
Auto calculate final amount using exchange rate?	If this option is enabled, the "Final Transfer Amount" field becomes read-only, and the system automatically calculates the amount based on the exchange rate. However, if this option is disabled, the "Final Transfer Amount" field becomes editable, allowing users to manually input or update the amount.
Memo	This field allows you to select any notes or additional information related to the transfer.
Transfer Amount	This field allows you to enter the amount to transfer.
Final Transfer Amount	If the transfer currencies are different, this field displays the final amount converted into the selected transfer currency.

After you've filled in all the necessary details, click "Save" to initiate the fund transfer and to generate a Funds Transfer record.

The system will automatically assign a unique number to the funds transfer in the format of FT000001, where "FT" denotes the funds transfer record and 1 denotes a sequential series. This number will be displayed on the top left corner of the page. Once this number is generated, it becomes a permanent identifier and cannot be altered.

The details of the Funds Transfer will be recorded in the Fund Transfer Centre.