Interbank Transfer

You can use the Interbank Transfer to easily record the electronic (internet/telephone) movement of funds from one agency bank account to another.

To use this program, you must be moving funds between banks in the same business unit division. At this time, moving funds between divisions is available in the system only as part of the vendor payables process. Any other interdivision transfer requires writing a check out of the "from" division bank and depositing it to the "to" division bank. For more information, see the Using Vendor Payables Interdivision Transfer section of the Workflow: Setting Up and Using Vendor Payables topic.

  1. In the Bank Center, open the appropriate bank.
  2. On the Actions menu, select Interbank Transfer.

Enter the following information in the Bank Selection section.

Business Unit/Division

This is the division assigned to the current bank selected in the Bank Center. This cannot be changed.

Transfer From

The current bank selected in the Bank Center appears, but can be changed.

Only banks belonging to the current bank's division appear in the drop-down list.

Transfer To

Select the appropriate bank from the drop-down list to transfer the money to.

You cannot cross divisions (business units) in an interbank transfer. Therefore, only banks belonging to the current bank's division appear in the drop-down list.

Amount

Type the Amount of the interbank transfer.

Journal Date

Type the actual date of the interbank transaction or select it using the Date Picker. The current system date defaults, but can be changed. Two journal entry transactions post to the general ledger on this date:

Journal Entry #1

Posts a Credit to the From bank, and a Debit to the Interbank Transfer (#11150) account.

Journal Entry #2

Posts a Debit to the To bank, and a Credit to the Interbank Transfer (#11150) account.

Memo

Type a memo about the interbank transfer, if desired. "Interbank Transfer" defaults.

Type the bank's reference number for this transaction after the words "Interbank Transfer".
  1. Order the transfer from the bank using the transfer mechanism of choice: internet access, telephone transfer, etc. Note the bank reference number, if available.
  2. Go to the Bank Center and open the "from" bank account (the bank account that funds were withdrawn from).
  3. From the sidebar, select Actions > Bank > Interbank Transfer. The Bank Selection form opens with the "from" account name defaulted. The appropriate division is also defaulted from Bank Setup.
  4. Select the Transfer To bank account from the list.
  5. Type the amount of the transfer in the Amount field. The Journal Date should correspond to the date of the actual transfer. It defaults to the current system date, but can be changed.
  6. Type the bank reference number in the Memo section after the words, "Interbank Transfer". This information is then displayed in registers and reports.
  7. Click File > Post or click the Post icon.

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