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Transfer money between bank accounts

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Summary

How to record transfers of money between bank accounts in Sage Accounting.

Resolution

Types of bank transfer

Use Bank Transfer when moving money between bank accounts set up in Accounting. Depending on what bank accounts you have set up, you may need to record a bank transfer when:

  • Moving money between bank accounts such as your current and savings accounts
  • Payments to your credit card when the credit card is set up as a bank account
  • Repayments of bank loans when the loan is set up as a bank account
  • Paying money that's paid into a cash account such as your petty cash

Bank Deposits

Use Bank Deposit to record money transferred from a cash account, to a current or savings account.

  1. Go to Banking and open your Cash account.
  2. From New Entry, select Bank Deposit.
  3. Enter the details including which account you're depositing money into.
  4. Select Save.

Record a manual bank transfer

  1. Go to Banking, then select New and Bank Transfer.
  2. Enter the details and select Save.
  3. Click Save.

 NOTE: You're not able to record a bank transfer between foreign currency bank accounts.

For UK customers see our Bank transfers between foreign currency bank accounts (UK) article.

For IE customers see our Bank transfers between foreign currency bank accounts (IE) article.


Transfers using bank feeds or bank statement imports

If you use bank feeds or import transactions from your bank statement, use the Transfer option on the Incoming Bank Transactions page.

 CAUTION: Be careful not to create duplicate transactions. 

When importing transactions, remember the bank transfer appears on the bank feed or bank statement for both banks.

To avoid duplicates:

  • Create the Transfer from one account
  • Discard or Match the transfer from the other account

View transfers in a bank account

  1. From Banking, open the relevant bank account.
  2. From the Activity tab, enter the relevant date range.
  3. From More, select Bank Transfer from the Type drop-down list.
  4. Select Search.

All transfers recorded into and paid out of this bank account now show in the list of transactions.





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