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This feature, or some fields and options described, might not be available depending on your settings, security rights, or platform package.

      

Interbank Transfer

The Interbank Transfer form allows you to easily record the electronic (internet/telephone) movement of funds from one agency bank account to another.

In order 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: Pay Vendor Invoices topic.

    ClosedAccessing Interbank Transfer

You can access Interbank Transfer from the Bank Center by clicking the Action menu and selecting Interbank Transfer. This takes you to the Interbank Transfer form where you can complete your task.

 

    ClosedInterbank Transfer Selections

Groups/Fields

What is this?

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 defaults here, 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

Enter the Amount of the interbank transfer.

Journal Date

Enter the actual date of the interbank transaction. 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

Enter 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".

 

    ClosedHow to Make an 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. Click Actions > Interbank Transfer. The Bank Selection form displays 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.

  6. The Journal Date should correspond to the date of the actual transfer. It defaults to the current system date, but can be changed.

  7. Type the bank reference number in the Memo section after the words, "Interbank Transfer". This information is then displayed in registers and reports.

  8. Click File>Post or click the Post icon.


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