Transfer between bank accounts

This help guide article covers how to record transfers between bank accounts, and explains why transfers between bank accounts don't show up within your financial reports.

How to record transfers between bank accounts

When money is moved between two bank accounts, there is no need to record the transfer within ExpensePlus upfront.

Instead this is done at the point of bank matching.

You should therefore follow these steps after the transfer has been made.

1. Make sure the transfer transaction is in both bank accounts the money has moved between. If it is only in one bank account, you will need to upload the bank statement for the other bank account.

2. On the match transactions screen of either bank account, select the bank transaction on the left-hand table, then click the + button until the pop-up appears

3. Within the popup that appears, select the transaction type as To Bank / Card Account (or From Bank / Card Account) from the drop-down menu where it says 'Transaction Type'.
4. Then in the section called 'Transder Details', select the corresponding bank account from the drop-down menu.

Overcoming common issues

The most common reasons why internal transfers won't match are:

• Not all bank statements have been uploaded, so there is nothing for the girst transaction to match to (which can easily be solved by uploading the missing bank statement.
• If you don't have a bank statement for one of the bank accounts, you can manually enter the missing bank transaction
• The statement for the other account has already been matched, and the income/outgoing bank transfer has been matched incorrectly. This can be resolved by unmatching the incorrectly matched transaction.
• The statement for the other bank account doesn't include the transaction - it is common that .CSV credit card statements don't always include the incoming transfer from your main bank account. You can manually enter the missing bank transaction.
• One of the bank statements has been incorrectly uploaded e.g. with the 'Paid In' and 'Paid Out' columns the wrong way around - unless you have selected to manually set your own import format this won't happen, and if you have done this incorrectly, you should have spotted this at the point of bank uploaded (if you didn't, you will need to read this help guide article).

Why don't transfers between bank accounts show within financial reports?

If you want to move money between funds, you don't need to make a physical bank transfer to do this - what you do need to do with the adjustments screen in ExpensePlus is record either:

• a fund transfer, or
• a category transfer

Moving money physically between bank accounts won't change the fund balance of any of your funds.

With transfers between bank accounts, these are neither income nor expenditure, which is why you won't see these in your income and expenditure reports.

To better understand the Bank Reconciliation module, please view the module overview video here.