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Bank transfer transactions should be used when moving money between bank accounts where the currency of the bank accounts is not the same, e.g. moving money between US and Euro accounts.
To enter this type of transaction, the exchange rate table must be set up in the System > Global Tables > Banking menu. If the bank accounts are in different companies, their inter-company relationship accounts must also have been setup.
Pgm: BATRENT – Bank Transfers; standard Treeview path: General Ledger > Transactions > Enter Bank Transfers
A transaction can have a maximum of two currencies. For example, if the company currency is US and there are 4 bank accounts, CDN, US, Euro, and Pounds Sterling, it is not possible to create a transaction for Euro to Pound Sterling directly, Euro to US dollars must first be taken, then a second transaction must occur to take US dollars to Pounds Sterling.
Create/Enter Batch Number
Select the required batch number from the list of values or create a new batch by using the [Create Batch] button available in the Selection Criteria section of the screen. The batch will be created with a type of “B” for bank transfer.
Transfer Details – Section
Trans Date (Transaction Date)
This date is the date that the transaction occurred. This date will be used for retrieving the currency conversion factors.
From Company
Enter the originating company code. This must be a valid company code.
From Bank
Enter or select the from bank code.
From Account (Bank Account)
Enter the actual bank account number in this field.
From Currency
This field will default to the currency assigned to the selected from account.
Amount (From Amount)
Enter the amount being transferred out of the account in the currency of the account. Do not try to convert this amount to the to currency.
To Company
Enter the receiving company code. This may be a different company if required.
To Bank
Enter or select the to bank code
To Account (Bank Account)
Enter the receiving bank account number in this field.
To Currency
This field will default to the currency assigned to the selected to account.
Conversion Factor
The system will default the nearest conversion factor from the currency exchange rate table per the transaction date in this field. If this field is changed, the converted amount will adjust.
Conversion Amount
This is the amount that will be transferred into the to account. If this field is adjusted, the conversion factor will also be recalculated.
Post Date
This is the date the transaction will be posted to the General Ledger. This field will default to the reference date entered in the first field, but may be changed.
Journal
Enter the journal to which this transaction will be posted.
Descriptive Fields
The Reference Code, Reference Description, Source Code, and Source Description fields may be entered as required. They are not mandatory.
Trans Num (Transaction Number)
This is a system generated unique number for the transaction and is not updateable.
If funds are being transferred in the same currency but the currency is not the company currency, it is possible to override the company currency conversion factor of the transaction by altering the Company Conversion field for either the from or to company at the bottom of the screen.
Transfer Edit List
The Transfer Edit List should be printed and verified before posting. The report shows companies, currencies, conversion factors, and converted amounts as well as the General Ledger accounts affected.
This report can be printed for both posted and unposted batches.
Post Bank Transfers
Pgm: BAPOST – GL Post Transfer; standard Treeview path: General Ledger > Transactions > Enter Bank Transfers – GL Post Transfer node
Bank transfers have their own posting program on the Bank Transfer submenu. This screen looks identical to the standard Post Batches screen but it only accepts batches that are bank transfer types.
Enter the bank transfer batch number and then check the report options as required. Once complete press [Post Batch].