Making a Journal Transfer

If you want to transfer money between people and specific accounts, you will need to make a journal transfer. Transfers between people are easier and faster provided you are moving money from main account to main account (please see the guide for Transfers between People) but a Journal Transfer is required to move between specific sub-accounts such as Outstanding Rent, Rent Collected or Float accounts.

The quickest way to do this is by adding 'Journal Transfer' to the search bar.

Enter a description - this description will appear on the accounts of those who are involved with the transfer so please write a decent outline of the purpose behind the move i.e. correcting account balance due to incorrect amount of money moved on 18/2/19.

Click onto the 'Add' button

Person Entry is the option to select the person whose account you are moving money from.

This is a populating search bar so you need to start to type the person's name and it will populate relevant options.

Click on 'Add' 

In the 'Amount' section, you must enter the amount you want to deduct. To do this, you have to add a minus sign before the figure.

For example -300

This is because the first movement is always going to be a minus as you will be taking away money before you can put that money somewhere else.

Please also select which of their accounts you will be taking money out from.

You will also be able to see the balance of the person as well so that you can ensure you are taking money out of the correct account.

Now click "Add"

The next step will be selecting who you are giving the money too, to do this you will need to click on 'Add' in the left hand corner again.

Now search for the person whose account you will be transferring the money into.

Once you have clicked on 'Add' you will have to select the amount that you are transferring them along with which of their accounts you will be using to deposit the funds into. This time you do NOT use a minus as you are no longer taking money away - you are now depositing it into an account.

Once you have added the positive figure, you need to click on 'Add' in the bottom right of the window.

Now that you have added this transfer values, you will see that the total should come to zero. This will confirm that the correct amounts has been transferred. So you must always aim for the end result to be clear 0.00 for the transfer.

To confirm this transfer, you need to select Journal transfer.

To move money from a special account, please ensure you select the following options:

Use the toggle switch to select the company account entry to Yes.

Now click Add > then select the company account from the drop down:

Minus the money out from the appropriate account and continue based on the instructions for a general journal transfer as per above in this guide. *Important - When Journaling from a 'Company Account', it is vital that you never journal to or from a bank account. Only journal from Special accounts - i.e General.