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When to use a transfer instead of a deposit/withdrawal combination
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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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/