Bank Inter Transfers are mostly used when you want to transfer funds between your companies which has bank accounts which has entries in OBAAS.
When to use?
Now you have added multiple bank accounts and when you make a inter transfer, you should not add that as an expense or income entry. Instead you should use this tool to make transfer entries.
Example: ABC company has 2 bank accounts in HDFC and ICICI. Sometimes, you transfer funds of that company’s HDFC to ICICI bank account. Then while making entries in OBAAS, then you should use this tool to make entries rather than showing as
Managing, Adding and Editing Bank Inter Transfers
Adding new bank inter transfer has explained below:
Date: Select the date which needs the bank inter transfer entry.
Category: (Recommended) Select Inter transfer under Current Assets category.
Transfer Description: Enter the transfer description. Example: You can mention as Transfer from ICICIBank to HDFCBank
Transferred TO Bank Name: Select TO which account transfer to be done.
Transferred FROM Bank Name: Select FROM which account transfer to be done.
Amount: Enter the amount you are transferring.
Payment Mode: Select the payment mode such as NEFT/Cheque etc.,
Reference No: Transaction number or reference number from your bank for this particular transfer.
How Bank Inter Transfer works?
When you add a new entry, the system will create 2 records in account transaction table. One is for Credit and other one is for Debit. So both entries will appear in bank statement report when you check it out.
Manage Bank Inter Transfer
You have most of the search values to search for each column.
All entered details while adding bank transfer will be shown here.
You can edit the record if something has gone wrong. (Don’t worry, OBAAS lets you edit the entries anytime)
You can delete the transaction. When you delete a record, both credit and debit entries of each bank will be deleted simultaneously.
Editing Bank Transfer
In OBAAS system, you can edit anytime and the bank balances gets auto calculated automatically. When you edit an entry, both credit and debit entries gets edited and records will be tallied.