Allocating a funds transfer between bank accounts
In business you’ll occasionally need to transfer funds from one bank account to another. Let’s look at an example of how you now do this in LiveAccounts.
Say you’ve paid your credit card using funds from your main bank account. If you’ve got your bank accounts linked or have imported your bank transactions via a QIF file, you’ll see there’s a withdrawal transaction from your cheque account:
and a deposit transaction in your credit card account:
To allocate these transactions, click on the down arrow next to the ‘Allocate me’ text in either account to reveal the drop down list of accounts. Then click on the new option “Transfer btw accounts”
You will see the following screen:
Simply click “Save” and you’re done!
If you then check your banking screen you’ll see the following on the credit card account:
And the following for the cheque account:
If you have more than one transaction that matches the transferred amount, you will see the following screen:
If this is the case, simply select the appropriate transaction by clicking on the relevant radio button on the left of the transaction – and you’re done.