Pastel Express: Inter-account transfers

[Elijah]

Hi

Please advise on the following. When you have more than one bank account how do you deal with Inter-bank transfers when using Pastel Express?

[Neville Bailey]

You need to create a Balance Sheet account and name it to something like Interbank Transfers.

Then, when transferring funds from Bank A to Bank B, open the Cashbook Payments journal for Bank A and allocate the transfer to the Interbank Transfers account. Now go to the Cashbook Receipts journal for Bank B and allocate the incoming transfer to the same Interbank Transfers account, so that the net result is zero.

[Elijah]

Thanks Neville

[aaronatkinson]

Elijah, if you had pastel partner this would be far easier as when you open a cashbook there is a 'transfer' button, saves a lot of time.

[mrt]

Inter Bank Transfer Pastel Express v11

Hallo Neville I have read your reply but have problems implementing it. I am using Pastel Express v11. I have been using Pastel for a couple of years for my own small business but I have no accounting background. I have created a balance sheet acc. named inter account transfer.
1 What must I select as financial category?
2 You say I must go to cashbook payments journal for bank A. Where I get that journal. under journals I have a choice between general ledger customers and suppliers.

[Mike C]

Hi mrt. Our Inter Account Transfer has been put to 9800/000 and allocated to B80 (other current liabilities) as the Financial Category. As whatever is put in to that ledger account is transfered out again to the other account, it should remain with a nil balance.

When you transfer an amount from one account to another - say current account to special savings - it will reflect in the statement you get from the bank (Current Account) as money out. When you open your Current Account CashBook in Pastel to match your Cash Book to the statement the bank has sent you, you will allocate that transfer as a payment to this ledger entry (inter Account Trf).

When you get the bank statement from the bank for your Special Savings, it will show a deposit of that amount. So now on your Special Savings Cash Book you enter it as Receipts and allocate it to Inter Account Transfer. So Inter Account Transfer should be a nil balance as the same amount was transfered in and out. Your Pastel Cash Book for each of these Accounts will now be able to balance with the relevant Bank Statements.

[mrt]

Hi mrt. Our Inter Account Transfer has been put to 9800/000 and allocated to B80 (other current liabilities) as the Financial Category. As whatever is put in to that ledger account is transfered out again to the other account, it should remain with a nil balance.

When you transfer an amount from one account to another - say current account to special savings - it will reflect in the statement you get from the bank (Current Account) as money out. When you open your Current Account CashBook in Pastel to match your Cash Book to the statement the bank has sent you, you will allocate that transfer as a payment to this ledger entry (inter Account Trf).

When you get the bank statement from the bank for your Special Savings, it will show a deposit of that amount. So now on your Special Savings Cash Book you enter it as Receipts and allocate it to Inter Account Transfer. So Inter Account Transfer should be a nil balance as the same amount was transfered in and out. Your Pastel Cash Book for each of these Accounts will now be able to balance with the relevant Bank Statements.

Thank you very much Mike. I think I understand now