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How to transfer funds between your internal banks?
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Answer Posted / mihir k. vaidya
Inter Bank transfers can be handeled in two ways.
1. By using the Cash Management functionality.
OR
2. You need to create a supplier and a customer in the name
of your company.These should be used only for fund
transfers (with fund transfer sites ) You can raise a
standard invoice in AP on the Supplier ( Your Co. as
supplier ) then make the payment selecting the bank account
from which u are transferring funds.
Now in AR you can create a Debit Memo on your company's
name (Customer) and book a receipt selecting the bank in
which the funds are to be transferred and apply the DM to
the receipt.
Finally at the month end you can pass a manual JV in gl and
clear off the balance remaining in these accounts.
| Is This Answer Correct ? | 3 Yes | 1 No |
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