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Transferring funds between accounts or to cash on hand.

Does anyone have a best practice for transferring funds between bank accounts or writing checks to cash for cash on hand?  How do you enter these in OBeer?  I have been doing JEs but it seems like there should be a more official way.  Thanks in advance!

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    Carina

    Hi Marc, I record these entries via Checks for Payment (Banking > Outgoing Payments > Checks for Payment).

    You can make the "Pay To" GL account to be Petty cash or cash on hand. You can print that check from Document Printing (Banking > Document Printing).Then if you're actually transferring money to a different bank account, you can do a deposit pulling from petty cash or cash on hand to the 2nd bank account. Voile! Everything is recorded for good tracking purposes.

    Note: There is one glitch in the Checks for Payment to be aware of. The "Pay to the Order of" box near the bottom of the screen will auto-populate with the name of the GL account selected at the top of the screen. That might be okay if you selected Petty Cash, but you might want to override it with the name of your business if you are going to cash that check.

     

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