You've probably heard the saying, "Whatever happens in the real world, happens in Buildium". In order for this to hold true, there will likely be times where you'll need to transfer money between bank accounts.
There are two ways to represent a transfer of money between bank accounts. If you transferred the money electronically in the real world, you'll want to use the first option:
- Transferring money online
If you transferred the money by writing a check and depositing it into a new bank account, use the second option:
- Transferring money by check and deposit.
Represent a online transfer of money between bank accounts
These instructions assume that you're transferring money from Bank Account A to Bank Account B.
- Navigate to Accounting > Banking.
- Click the name of the bank account that you'd like to transfer money out of - in this case, Bank Account A.
- Select Record other transaction.
- In the pop-up window, complete the form.
For detailed instructions on how to complete other bank transactions, click here. - Click Save.
Represent a transfer of money using a check and deposit
These instructions assume that you're transferring money from Bank Account A to Bank Account B.
- Add a current asset to your Chart of Accounts called Money in Transfer. This is a step you only need to take once - when you add Money in Transfer, it will be in the list of account types to choose from when recording checks and deposits moving forward.
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Record a check from Bank Account A.
- This check should be payable to you or your property management company.
- Choose the appropriate property or association and use the Money in Transfer asset account as the account in the check.
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Record a deposit into Bank Account B.
- Use the Other deposit items section in the Record deposit screen to add the check into Bank Account B.
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The details of the deposit item should match the check that was written in step 2. Use the same Money in Transfer asset account, the same property, and amount.
It's important to choose the same Money in Transfer asset account for both the check and the deposit representing the funds transfer. If you use the Money in Transfer account type on one part of the transaction but not the other, it will throw off the asset numbers on the balance sheet for the property.
| Article #: | 111235 |