Transfer between bank accounts in Pastel Xpress?

[J7J]

Hi,

As Pastel Xpress does not support the "Bank Transfers" shortcut functionality, what do other Pastel Xpress users use to do transfers between bank accounts to ensure that there are no duplication of payments/receipts and no bank recon issues in this regard?

Should I create a "Suspense Account" and take the transferring bank account's payment to that suspense account (Say Payment from Current Account), and then take the receipt to this same suspense account for the receiving bank account (Say Receipt into Call Account)?

Please advise.

Thank you very much.

[Elijah]

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.

Definitely dont use the Suspense account for this. The suspense account is only for temporary stoarge.

[J7J]

Thank you. I created a seperate clearing account for these transactions.