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Move money between your accounts

Cash into the bank, the bank to a card, one account to another: recorded once, on both statements.

Money that only moves between your own accounts is neither income nor spending. Record it as a transfer and both accounts show it, in and out, on the same day.

  1. Open Books, Bank accounts and choose Transfer. It shows once you have two accounts.
  2. Choose the account it leaves and the one it goes to, the amount and the date.
  3. Add a reference if there is one: a deposit slip, a UTR, a cheque number.
  4. Choose Record transfer.

It is numbered BT and listed under Transfers between accounts. Each account’s statement shows it as a Transfer, and the books carry it as a journal between the two.

Both accounts must be in the same currency. Money changed between currencies is a payment out of one and a receipt into the other, at the rate the bank gave. A transfer entered by mistake is deleted with the bin beside it, here and not from Manual journals, so both accounts go back together.

Next in accounting & finance Returned goods on credit and debit notes → Repay an employee who paid →

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