Transfers are used when a group has more than one bank account and has a need to move money from one account to another. For example, a group may want to move money from a PayPal account to a checking account or move money from a savings account to a checking account.
Transfers move funds from one account to another all in one step so you don’t have to do a separate withdrawal and deposit.
When to enter a transfer:
When moving money from one account to another, using New Transfer is the correct way to do this so you don’t inflate income/expense.
NOTE: Even though in your physical bank accounts you’ve done a withdrawal out of one account and a deposit into another account, in MoneyMinder it must be done as a New Transfer so your income/expense is not inflated.
When to enter a withdrawal:
When money is coming out of your account, you’ll use the Withdrawal feature. This can be used for bank fees, checks, ACH transactions, recurring online payments, etc.
When to enter a deposit:
When money is going into your account, you’ll use the Deposit feature. This can be member fees, funds raised, donations, etc.
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Connect your Bank, Square and PayPal accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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2 Comments
In error, I recorded cashing a CD as a deposit rather than a transfer. Is there any way to fix that 3 months later? .
Also, I had one fee amount transferred from the store to the bank account separately from the initial batch. The reconciliation recorded that one amount as a deposit when the others were recorded as a transfer. Now, I see a balance of $34.86 in the store when that amount is the same as the last deposit. Is there any way to fix that?
Hi Debra,
To record the cashing of the CD as a transfer, the CD account needs to be added as a bank account in MoneyMinder. This article is about how to handle Petty Cash, but the process for adding a CD account and recording transfers is the same: https://moneyminder.com/knowledgebase/cash-on-hand/
You can fix it 3 months later, but you will need to undo the reconciliations back to the date of the transaction, delete the deposit, and record it as a transfer between the CD account and your checking account.
For the $34.86, you will need to undo the September reconciliation, delete the imported deposit in your checking account, and record it as a transfer from the Store clearing account to your checking account.
If you have more questions about this, please feel free to use our live chat or email [email protected]. https://moneyminder.com/contact/