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.