How to Transfer Money between Bank accounts in Xero dialing by – 1-80

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How to Transfer Money between Bank accounts ALLPPT.com _ Free PowerPoint Templates, Diagrams and Charts

Transfer Money between Bank accounts in Xero :

Life got easier with inventions and comfortable with technological advancements. Be it is about gadgets and devices or application technology, each contributed in making life smooth. And with the advent of accounting software, maintaining balance sheets is way simpler than anything . Creating transfer money transactions in bank account or credit card set up in the software for recording the funds movement between accounts. Also, you can set up a transact transaction for recognizing the credit card payment from the bank account. Once created, the accounting software will automatically create the interrelated transfers in the other credit card or bank account. All you need to do is reconcile the transactions with matching bank statement. Transfer Money between Bank accounts in Xero

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Create a transfer from the header For creating a transfer from header, tap on the add (+) icon and then choose ‘Transfer Money’ option. Now, select the account from which you will make to and fro of money. Select the transferring date along with the amount and if you are making transaction in different currencies then calculate the converted amount and type the same in second field. How to create a quick transact during reconciliation? On the reconciliation screen, choose ‘Transfer’ tab available next to bank statement which you want to integrate. Choose the bank account now. If you see statement line shows withdrawal then choose credit card or account you transferred the ‘amount to’. And if the statement line shows deposit then select the transferred ‘money from’. Tap on ‘Ok’

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How to create detailed transfer while reconciliation? In this process, you need to tap on ‘Find & Match’ option after finding the bank statement line for transfer. Click on ‘New Transaction’ and then tap on ‘Transfer Money’. Now, enter the transaction details. Click on ‘Add Tracking’ for applying tracking categories to ‘From’ and ‘To’ bank accounts. At last, tap on ‘Transfer’ and then ‘Reconcile ’. Once you have done the above procedure in the first account or credit card, follow the reconciliation procedure in the second account and integrate other transferring transaction.

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