Keeping your business’s finances organized often means moving money between different bank accounts. In Sage 100, bank-to-bank transfers make this quick and straightforward. Maybe you need to shift funds from your main account to a savings account, cover payroll from a separate account, or combine money from several accounts into one for easier tracking. Whatever the reason, handling these transfers directly in Sage 100 helps keep everything accurate and easy to audit.
Setting Up the Bank Transfer
- Create a new source journal using the two bank code letters/symbols.
- For example, if you're transferring from Bank Code E into Bank Code B, the source journal would be "EB."
- Next, navigate to Modules > General Ledger > Transaction Journal Entry
- Select your newly created source journal and enter a new entry number.
- To format the entry, click the "format" button in the top right.
- Offset field = "Credit"
- Transaction Total = checked
- Transaction Type = "Bank Transfer"
- Bank Code field = the code for the bank you are transferring funds from.
- Transfer Funds to Bank Code field = the code for the bank you are transferring funds to.
- Click "OK" to exit the format tab.
- In the Header section, confirm that the offset is set to Credit, and then input the total amount being transferred.
- Then, go to the Lines tab, enter a document reference number (Doc Refer #) for tracking purposes, and the transaction amount.
- Before posting the update, double-check all bank codes and amounts. Once you've reviewed all the information, click "Update" to post the transaction.
- Reconcile the entry by running the GL Detail by Source report and sorting by the source code used for the transfer.
- Confirm the bank transfer transaction in Account Maintenance. A good best practice is to keep a record of your transfer and document reference numbers for any future audits.
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