There may be times where funds need to be transferred between accounts.
If the accounts involved are of the same type, the transfer transaction can simplify the task of determining credits and debits.
Transactions can be created from any view in the Ledger area of the software.
To add a new transfer transaction,
1. Click the "Transaction" button at the top right to open a drop-down menu and select "Transfer".
2. In the entry window, use the date selector to add a date for the transaction.
3. Use the first drop-down menu to choose the account you want to transfer from and enter in the amount and description (if applicable).
4. Use the second drop-down menu to choose the account you want to transfer to and enter in the amount and description (if applicable). Only accounts of the same type as the first account selected will be available for this line item.
5. If applicable, add a memo for the transaction. Adding memos for transfers and journal entries are recommended to add transparency for auditing.
6. If applicable, click the Receipts section to attach an image file related to the transaction.
7. Click "Save" to save your new transaction.
Note: Accounting wise, the only difference between a transfer and a journal entry would be that a transfer always involves accounts of the same type. Users are not required to use a transfer transaction and can use a journal entry to move money from one account to another as needed.