HOW TO DO A BANK TRANSFER IN SAGE 100CLOUD

When making a bank transfer there are different ways one can do it and below we will discuss two different ways using the Sage 100Cloud General Ledger Module.

• The first way is a simple move of money from one account to another by using the General Ledger>>Main>>General Journal Entry task – this entry will make the transfer correctly in the General Ledger but will not post transactions to the Bank Reconciliation Module

• The second way will perform the same General Journal posting but will also make the appropriate posting to the bank reconciliation module to effect both banks with a record of the transfer. Again, the benefit of this is that it’s done in one step by using the General Ledger>>Main>>Transaction Journal Entry task.
  • Setting this up is the key in making the transfer happen going forward. Here are the steps to perform that.  After setup just use the same source code, and it will continue to work.
  • Start by entering in the appropriate source journal code in my example I am using BR, then select the next Entry Number #, on the right the Format button will highlight in black, as I have a in the red box below.
  • On the “Header Defaults” section select the account that you want to either Credit or Debit, I use the checking account because I most likely will need it again to move money to other bank accounts.
  • On the Line Options choose Bank transfer, and then on the Bank Reconciliation Options select the appropriate Bank Codes for the transfer. And then select “OK” to complete setting up the format for BR.  Next time you use the Source code the defaults will be set and you just need to make your transfer entry.  Below are the screen shots to walk you through it.

Looking at the screen below I only entered in a few fields, here is what I did.  I am using the Source Code BR, select the next Entry Number, enter the Posting date, the Amount of the transfer, and if you would like you can add any posting comment that you would like to post to the General Ledger.

The offset and bank account should auto populate, and the Transfer Number field is blank, and this field can be used to record one.  Select the Lines Tab once the Header Section is complete.

On the Lines Tab, the Doc. Refer (Document Reference Number) is also available if you would like to store information regarding the transfer, and then enter in the transfer amount in the Amount field.  The line should be pointing to the correct bank account that you selected to transfer to or from depending on if you created a Debit/Credit default when setting up the Format.

The results of printing an updating the Transaction Journal shows the two posting in the Bank Reconciliation Module.  Here is my Bank A this was my checking account that I transferred the fund from.  The results show up as a withdrawal.

The results in the other bank account Bank B. where you see the deposit, and the reference field from the lines on the Transaction Entry.

Was this article helpful? Please share this information with your connections and make sure to tag ACC Software Solutions in your post!