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How do I process a bank transfer?

Written By:
Dovydas Baublys
April 24, 2020
March 7, 2020

If you have multiple bank and/or credit card accounts in , you may need to know how to process a transfer from one account to the other. To do this, when checking and confirming your bank transactions, you will simply need to select the other bank account as the category.

Processing a bank transfer using manually entry

If you have deposited £500 cash into your Natwest bank account, for example, then you will select 'Money Out' then 'Natwest' as the category when you enter payment.

The above transaction will reduce your cash account balance by £500 and increase the balance in your Natwest account by £500.

Please note: You should only process transfers through one account. So, after processing the above transaction you would not categorise the 'Money In' of £500 on the Natwest bank statement.

Doing so would cause you to duplicate the transaction. Using the example above this duplication would cause you to reduce your cash balance by £1000 (2 x £500) and increase the balance in your Natwest account by £1000 (2 x £500), which would be incorrect.

Processing a bank transfer using a file import or bank feed
If you try and select another bank account when checking and confirming your imported transactions, you will be shown a notification prompting you to set up a bank rule, which will automatically confirm this and similar bank transfers for you.

After the rule has been created, this bank transfer and any future bank transfers out of this account, into the account you have selected, will be automatically checked and confirmed by the bank rule.

To ensure there are no errors, you will also be shown a similar notification in the corresponding bank account. However, this notification will prompt you to set up a rule to ignore transfers into this account from the corresponding account, to ensure no duplicate transactions are processed.

After these two bank transfer rules have been set up in both accounts any future bank transfers will be handled automatically by FR Books.

If you prefer, you can also set these rules up manually by going to Tools > Bank Rules and setting the appropriate rule conditions for your bank transfers.

Written By:
Dovydas Baublys
January 21, 2020
March 7, 2020
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