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How to manage a bank transfer?

  • Updated

The Bank Transfer category can be selected to show funds debited from one bank account and credited to the other bank account. Please note that both bank accounts should be visible in your Business Finance Assistant account.

Example:

Screenshot 1 shows ÂŁ1,500 credited to one bank account:

Screenshot 2 shows -ÂŁ1,500 debited from the other bank account: 

 

To use the bank transfer category:

  • Locate the bank transaction from your bank transactions page
  • Press 'ENTER CATEGORY' and select the Bank Transfer category from the drop-down menu
  • Business Finance Assistant will automatically detect the corresponding transfer in your other bank account and select the corresponding bank account in the CUSTOMER/SUPPLIER field
  • Press 'Confirm'
  • Switch bank accounts using the downward arrow above the account balance
  • Find the corresponding bank transfer from the bank transactions page of your other bank account
  • Press 'Actions'
  • Select 'Retry matching transaction'
  • The corresponding bank transfer will be detected and automatically categorised as a bank transfer. You will see a lightning bolt icon for the corresponding transfer
  • Press 'Confirm'
  • Press on the confirmed transaction line to expand the view and check that the Bank Transfer receipt BKT-003 is the same for the incoming transfer:

 
  • as it is for the outgoing transfer: BKT-003

 

To search for a bank transfer:

  • Use the 'Search' tool on the top right of the page
  • Type 'Bank Transfers in the search bar:

  • Locate the bank transfer from the list of bank transfers
  • Tap on the BKT-003 to view the details and see the calculated balances of each account before and after the transfer:

 

If funds are being debited or credited from or to a bank account that is outside Business Finance Assistant, please use one of the other categories, such as Owner Deposit to Business Bank Account (39001 Owner Draws) or Partner Deposit to Business Bank Account, one of the existing income or expense categories, or you can create your own category if you prefer: How can I add or customise the categories?

 

To Remove the Bank Transfer category from an incorrectly categorised transaction: 

  • Find the incoming transaction from your Bank Transactions page
  • Press 'Edit':

  • Either check the box alongside the incoming transaction > Actions > Clear selected transaction:

  • Or press 'split/attach' on the transaction line to expand the view
  • Remove any attached document(s) by pressing the X:

 

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