Accounting is available on Pro and Prime plans
An internal transfer is a money transfer within your accounts. It can be any of the following:
- Same currency transfer.
- Foreign currency to base (company) currency transfer.
- One foreign currency to another foreign currency transfer.
From Chart of Accounts, go to the account to add or edit your uncategorized transaction:
- If you select Internal transfer then you’ll see a list of the same or very similar amount transactions in all the money accounts you have. This is very helpful when you have a lot of money transfers inside your company accounts and don’t know which account you transferred your money. Match options displayed are only uncategorised transactions in money accounts.
- If you aren’t sure of the account you transferred your money from/to, select internal transfer in the category field otherwise you can select the exact account you transferred your money.
- When Internal transfer is selected then you’ll see a list of transactions in all money accounts available for matching (removing duplicates). Otherwise it’s only transactions from that exact account.
- You need to choose one of the options from the list or enter the transfer amount and category manually. Select match by clicking the checkbox and save.
- If you selected the item from the list it will be displayed in the table above and removed from the mirror account in order to remove the duplicate transaction. If you unmatch that entry then it will be added back to the mirror account.
- Click save or update to complete your transaction. Note: An Internal transfer without a match will simply have this transaction added to the account selected in the category field without removing any possible duplicate in that account.