Used when money is transferred between accounts by phone or other means such as NetBanking, other than entering cheques and receipts. NOTE: This is NOT the best Entry to use for reflecting Commission Transfer as Journals showing movement in the G/L Commission Account should also be created at the same time. We suggest creating an Administration Cheque plus an Administration Receipt to show Commission Transfers.
Note: When doing a Transfer receipt both entries are done at the same time. The bank account the money is coming from is credited (on the bank presentation page a credit will appear) and the bank account the mo ney is going to is debited (this will appear as a minus credit on the bank presentation page).
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