Record a funds transfer

A funds transfer is a transfer of funds from one cash account to another. Cash accounts include cheque accounts and savings accounts. After you create a funds transfer, you cannot void or edit it. Instead, reverse it and then enter another fund transfer with the correct information. You cannot undo a reversal after you submit it.

To view account balances to determine if you need to make a transfer, or if there are sufficient funds that can be transferred, go to Cash Management > All > Reports > Cash balances.

Trying to pay off a credit card balance? Funds transfers to or from a credit card are not supported. Instead, go to the Charge payoff page to create an AP purchase invoice for the charges and pay it on the Pay AP purchase invoices page.

Subscription Cash Management
User type Business
Permissions

Funds transfers: Add, Edit, View

  1. Go to Cash Management > All and select Add (circle) next to Funds transfers.

  2. Select the two cash accounts for the transfer:
    • From account: The account to transfer from.
    • To account: The receiving account.

    After you select the two accounts, the balance and base currency for each account appear. If you choose accounts with different currencies, the Currency section appears for you to make the conversion from one account to the other.

  3. Enter the Date on which you actually made the transfer.
  4. Enter the Amount of the transfer.
  5. Enter the transaction number in the Reference number field.

  6. To permanently and safely store a digital version of a supporting document, in the dropdown next to Attachment select an attachment, or select Add, then upload your attachment.

    Learn more about who can add attachments.

    You can drag and drop your files to add an attachment. To attach a document to multiple journal entries, see Bulk processing.

  7. In a multi-entity, multi-currency company, enter the currency details in the Currency section:
    1. Transaction currency displays the currency of the receiving account.
    2. Type or select a date in Exchange rate date.

      The default value is the current date, but you can override this. For example, you can change it to the date the transfer occurred.

    3. In Exchange rate type, select the dropdown to select an exchange rate type such as Intacct daily rate or one you've created, such as WSJ Published Rate.

      If you know what the exchange rate for this funds transfer is, enter it in Exchange rate to override system calculations.

    If you need to do a fund transfer that requires three-way currency conversion, do the conversion manually and book a journal entry directly to the GL.
  8. In the Dimensions section, you can set dimension values for tracking and reporting purposes.

    9. A dimension is a category of data that you can organize and sort in meaningful ways. Sage Intacct provides the following predefined dimensions:

    • Location
    • Department
    • Class
    • Customer
    • Item
    • Project
    • Supplier
    • Employee
    • Warehouse (if you subscribe to Inventory Control)
    • Contract (if you subscribe to Contracts)

    In addition, Intacct enables you to define new dimensions to suit your needs. Use these user-defined dimensions to organize and sort categories of data unique to your business. For example, if you’re a software company with multiple product lines, you can create a user-defined dimension called Line of business. Then add the values Direct customers, Channel partner, and OEM.

    Dimensions enable you to collect, sort, analyze, and report on data within one category, or between categories, so you can identify key factors such as:

    • Your most profitable or most costly items or customers
    • The return on investment of a project or department
    • Whether and to what degree a new product or product line is successful
    • Which way a particular aspect of your business is trending
    • Intacct dimensions give you fine control over data definition and data hierarchy

    With dimensions, you can customize financial reports around specific business activities, get greater visibility into how the business is doing, and make faster, more meaningful business decisions.

    Think of dimensions as a more powerful alternative to subaccounts.

    Additional fees can apply for the Project dimension and user-defined dimensions. Contact your account representative for more information.

  9. Select Save.