Transferring Funds Using Bank Transfers

Before you start

To Transfer Funds

1. From the Navigation Pane, select Payroll > Processes > Bank Transfers.
2. In the Transfer Posting Date field, type the date of the transfer, or select it using the Calendar button.
3. Enter a description and a reference for the transfer.
4. Specify the banks from and to which you are transferring funds:
   • In the Transfer From Bank Code field, type the code for the originating bank, or use the Finder to select it.
   • In the Transfer To Bank Code field, type the code for the bank to which you are transferring the funds, or use the Finder to select it.

   The program automatically creates detail lines for these banks in the Service Charges section of the Bank Transfers window.

5. Enter the amount to transfer in the Transfer From Transfer Amount field, and then press the Tab key. The program automatically displays the amount in the Transfer To Transfer Amount field.

   In a multicurrency system, the program initially displays amounts in the banks' statement currencies. If a bank is multicurrency, you can change the currency for the transaction. The program uses the bank's default rate type to determine the exchange rate for converting the transfer amount to the functional currency. The program displays the currency code for each bank in the Service Charges section of the window.

6. If you need to use a different exchange rate, rate type, or rate date, click the Rates button, and then use the Bank Transfer Exchange Rates window to change these fields as necessary.
7. If there are any service charges for the transfer, use the Service Charges detail table to record the details of the charges. Using a separate line for each bank that charged a fee:
   1. Specify a distribution code, if one exists for the type of charge.The program displays the G/L account associated with distribution code in the next field.
   2. If you did not specify a distribution code, or if you need to change the account, use the Finder to select the correct G/L account.
   3. In the Amount field, enter the amount of the service charge levied by the bank.
   4. If the service charge is taxable:
   1. Double-click the Taxable field to change it to Yes, then click the Zoom button to open the Taxes window.
   2. Select a Tax Group. The program displays the tax authorities for the tax group.
      • If you select the Calculate Tax Amount and the Calculate Tax Base options, the program calculates all tax amounts for you.
   3. If you need to enter any tax amounts manually, clear the Calculate Tax Amount or the Calculate Tax Base option, then enter the amounts as required.
   4. Click Close to return to the Bank Transfers window.

   Note: Tax amounts appear in the Total Tax field and in the Tax Included field. (If a tax authority does not allow taxes to be included, the tax amount appears in the Tax Excluded field.)

8. Click Post.

Additional information

Published: May 17, 2017
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