How to Transfer Money Between Bank Accounts

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When you move money from one of your bank accounts to another, that transfer must be recorded in MoneyMinder. 

Recording a transfer in MoneyMinder is very easy. Let’s walk through the process. 

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Click Banking in the sidebar.

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Click Actions to the right of the bank account.

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Choose New Transfer from the dropdown.

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Using the drop-down menus, select the bank account you are transferring money from. 

Then select the bank account you are moving the money to.  

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Fill in the fields:

• Date: Date transfer is made.
• Reference: Enter reference number or information.
• Amount: Total amount of transfer.
• Memo (optional): Use up to 512 characters to create a reminder about this transfer.

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You’ll notice there isn’t a place to apply the transfer to a budget category. That’s because you’re simply moving money you already have from one account to another. It’s not income and it’s not an expense, so it doesn’t need to  be assigned to a budget category. 

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Once you’ve confirmed that everything looks correct, click Save. 

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Now, let’s see how this looks in the bank register. 

Navigate to the register of the bank account you transferred the money from and scroll to the date of the transfer. 

You’ll see arrows next to the Reference column. This indicates that the transaction is a transfer and you’ll see the amount recorded as a withdrawal.

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Now navigate to the account you transferred the money into.

Here, you’ll see the same arrows indicating a transfer, along with the amount recorded as a deposit. 

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Note: this process only records the transfer in MoneyMinder. If you haven’t already done so, you’ll need to complete the actual transfer through your bank.

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