Bank Transfers

Use Bank Transfers for transfers between bank accounts, for service charges, and for interest that you earn or pay.

HINT-- Bank Transfers handle miscellaneous bank transactions in the Goldenseal accounting software-- anything that is not a deposit of sales, project or rental income, or an expense payment.

BANK TRANSFER BASICS
When to Use | Data Fields | Status Field | Transfer Types | Transfer Conditions

TRANSFERS IN
Entering Transfers In | Bank Credits | Transfers between Accounts

TRANSFERS OUT
Entering Transfers Out | Bank Charges | Transfers between Accounts

WEBSITE INFO LINKS
Accounting Software

RELATED TOPICS
Bank Checks | Bank Deposits | Bank Payments | Bank Transactions

When to Use Bank Transfers

Use bank transfers for bank interest and service charges.

Also use bank transfers to move money from one bank account to another.

A Transfer In puts money into your account, and a Transfer Out takes money out.

Entering Bank Transfers In

When you transfer funds into a Checking account, follow these steps:

Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
Click the New button, or click on an existing item and click the Edit button.
Enter Transfer In into the Type field at the top of the window.
Enter information about the bank transaction.

Entering Bank Transfers Out

To enter a Bank Transfer Out from a checking account, follow these steps:

Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
Click the New button, or click on an existing item and click the Edit button.
Enter Transfer Out into the Type field at the top of the window.
Enter information about the bank transaction.

Data Fields

Enter the following information for each Bank Transfer:

Transfer To-- Choose the type of transfer that has been made.
Account-- If the transfer came from another bank account, enter the bank account from which funds were transferred.
Amount-- Enter the amount of the payment.
Comments-- Enter any comments you'd like to make about this transaction.
Date-- Enter the date of the transfer.
Record Number-- A record number is entered automatically.
Conditions-- Enter any special conditions for the transfer.
Job Class-- Enter the type of account to use for job costs. This field is not available for inter-bank transfers.
Job-- Enter the account to use for job costs. This field is not available for inter-bank transfers.
Category-- Enter the category to use for job costs. This field is not available for inter-bank transfers.
Transaction Ref-- If you make an inter-bank transfer, Goldenseal fills in the matching transfer in the other account.
HINT-- Double-click on the Transaction Ref field to see the offsetting transfer in the other account.

Transfer Types

Use the Transfer From popup to enter the following types of miscellaneous income in a Transfer In:
Interest Received-- For interest you have received from the bank. No account needs to be entered.
Other Credit-- For other payments you have received from the bank. No account needs to be entered.

Use the Transfer To popup to enter the following types of miscellaneous expenses in a Transfer Out:
Interest Paid-- For interest you pay to the bank. No account needs to be entered.
Other Credit-- For other payments you make to the bank. No account needs to be entered.

In either type of transfer, you can enter the following transfers between bank accounts:
Cash Transfer-- For a transfer of funds to or from a Cash account.
Checking Transfer-- For a transfer of funds to or from a Checking account.
Escrow Transfer-- For a transfer of funds to or from an Escrow account.
Investment Transfer-- For a transfer of funds to or from an Investment account.
Credit Card Transfer-- For a transfer of funds to or from a Credit Card account.
Loan Transfer-- For a transfer of funds to or from a Loan account.
Savings Transfer-- For a transfer of funds to or from a Savings account.

Transfer Conditions

Bank transfers can be labeled with any of the following special conditions:

None-- No special conditions.
ATM Transaction-- For transfers from an automatic teller machine.
Cash Transaction-- For transfers made personally.
Debit Card-- For transfers using a debit card.
Electronic Transfer-- For electronic transfers.
Phone Transfer-- For transfers made by phone.
Internet Transfer-- For transfers made over the internet.
Other Transfer-- For transfers made in some other form.

Status Field

The following types of bank transaction status are available:
Entered-- The transaction has been entered, but not yet cleared.
Cleared-- The transaction has cleared the bank. This status is entered automatically after you enter something into the reconcile field.
Canceled-- If you make a transfer between two bank accounts, then delete one of the transactions, then the other is automatically given the Canceled status.
Job Cost Only-- For past transactions that have been entered for job costing only. They will not affect the account balance.
Planned-- For planned future transactions. They will not affect the account balance.
Void-- For canceled transactions.

Bank Charges

To enter a service charge for a checking account, follow these steps:

Choose Checkbook Transactions from the Bank menu, then choose the account to which the charge applies.
Click the New button.
Enter Transfer Out into the Type field at the top of the window.
Enter Other Charge in the Transfer To field.
Press the Tab key, and enter the amount of the charge.
Press the Tab key again, and enter any comments about the transfer.
Enter the form of transfer into the Conditions field.
Enter job cost information into the Job Class, Job and Category fields.

HINT-- You probably will assign the cost to an Overhead account, but you can also assign it to a specific customer, project or other job account.

Bank Credits

To enter interest earned from a checking account, follow these steps:

Choose Checkbook Transactions from the Bank menu, then choose the account into which the interest is credited.
Click the New button.
Enter Transfer In into the Type field at the top of the window.
Enter Interest Received in the Transfer To field.
Press the Tab key, and enter the amount of the interest credit.
Enter job cost information into the Job Class, Job and Category fields. You probably will assign the interest income to an Overhead account, but you can also assign it to a specific customer, project or other job account.

Transfers Between Accounts

Use bank transfers to shift money from one bank account to another.

For example, to make a transfer of funds from an investment account to a checking account, follow these steps:

Choose Checking Transactions from the Bank menu, then choose the account into which funds will be deposited.
Click the New button.
Enter Transfer In into the Type field at the top of the window.
Enter Investment Account in the Transfer From field.
Enter the account that is the source of funds into the Account field.
Enter the amount of the transfer.
Press the Enter key to complete the transaction.

Follow the same steps to handle other transfers such as an ATM withdrawal that you put into a Cash account, a transfer from savings to checking, or an automatic bank payment to a loan account.

NOTE-- If you write a check to transfer funds, enter a Check transaction instead of a transfer

When you enter a Transfer In, Goldenseal automatically creates a Transfer Out in the other bank account. To see the offsetting transaction, double-click in the Transaction Ref field at lower right.

NOTE-- If you are viewing transactions for just one account and you've made a transfer to another account of the same type, Goldenseal won't be able to display it.

Using Bank Transfers

When you enter a transfer from one bank account to another, Goldenseal automatically creates a compensating bank transaction handle the other half of the transfer in the other account. Transfers between accounts affect the account balances, but they do not affect job costing.

If a Transfer In is for Interest Received or Other Credit, you can assign the income to any job account. Usually you will add it to an Overhead account, but you can also assign it to another type of account.

If a Transfer Out is for Interest Paid or Other Charge, you can assign the cost to any job account. Usually you will add it to an Overhead account, but you can also assign it to another type of account.