Results 1 to 3 of 3

Thread: Transfer between bank accounts in Pastel Xpress?

  1. #1
    Silver Member
    Join Date
    Apr 2011
    Location
    Jhb
    Posts
    281
    Thanks
    105
    Thanked 14 Times in 10 Posts

    Transfer between bank accounts in Pastel Xpress?

    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.

  2. #2
    Bronze Member Elijah's Avatar
    Join Date
    May 2012
    Location
    Cape Town
    Posts
    129
    Thanks
    28
    Thanked 26 Times in 21 Posts
    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.

  3. Thanks given for this post:

    J7J (04-Apr-13)

  4. #3
    Silver Member
    Join Date
    Apr 2011
    Location
    Jhb
    Posts
    281
    Thanks
    105
    Thanked 14 Times in 10 Posts
    Thank you. I created a seperate clearing account for these transactions.

Similar Threads

  1. Replies: 76
    Last Post: 12-Feb-16, 12:43 PM
  2. 2x bank accounts. Should I close one?
    By Perform Computers in forum General Business Forum
    Replies: 17
    Last Post: 25-Jul-13, 09:55 AM
  3. [Question] Bank transfer account
    By LGripper in forum Accounting Forum
    Replies: 2
    Last Post: 20-Mar-12, 07:11 PM
  4. [Question] Bank charges on personal cheque accounts
    By Dave A in forum Business Finance Forum
    Replies: 10
    Last Post: 05-Feb-11, 07:37 AM
  5. Help with Bank Accounts
    By eitai2001 in forum General Business Forum
    Replies: 15
    Last Post: 18-Nov-10, 08:21 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •