Transfer of $ from one Bank Account to Another

Expertise Accounting
1

I inherited Cetec from a person that did as much on the accounting side as manual entries in the ledger as possible. He entered transfers from one bank account to another bank account as Bank Decreasing Entries.

Is there a best practice or any tips for entering a transfer of money from one bank account to another in Cetec?

2

Checking back on the above message.

3

@sbeausoleil

I apologize for the delay on this! I will escalate this to our accounting team and get back to you.

Thanks,

Cetec ERP Support

4

@sbeausoleil

I heard back from accounting and here are the best steps.

Rather than a manual ledger entry, create an AR Payment for customer Internal Account.

Payment Method: {example: Bank Decr. Adj. or create a new PaymentType of Transfer and use it. You can create the new PaymentType here Cetec ERP}

Payment Value: {the amount of the transfer, example: 1000.00}

Payment Value To: {the account you are transferring to, example: 1040 Cash In Payroll Account}

Write Off/Charges: {minus the amount of the transfer, example: -1000.00}

Map Write Off To: {the account you are transferring from, example: 1010 Cash}

Click Update, then Payment Complete.

This payment will debit a/c 1040 Cash In Payroll Account and credit a/c 1010 Cash.

Please let me know if you have more questions.

Thanks,

Cetec ERP Support

5

Excellent, thank you very much!