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This article explains the Account Transfers within the Camino Market module and how they may be created and managed.
An Account Transfer is a record of funds being transferred between two financial accounts. It's primary use to record within the respective ledgers when funds have been moved between accounts.
Examples:
Creating a transfer record does not invoke any actual financial transfer. It is a record of a transfer or payment actually taking place.
In Camino Administrator:
Account transfers may take place between accounts of differing currencies. If the source and destination financial accounts use different currencies, you will be prompted to specify both the Exchange Rate and the Exchange Rate Source.
The Exchange Rate is value used to convert the amount specified for the source account to the amount received by the destination account.
A validity check is performed against the value specified for Destination Amount. The form will automatically calculate an estimated destination amount and this must be within 0.05 of the value specified in Destination Amount.
The Exchange Rate Source is the origin of the defined exchange rate and is required for tax records. This rate will normally be defined by the relevant account provider.
Some account providers (banks etc) may charge per transaction fees for transferring funds in or out of their accounts. If any fee has been levied by either the source or destination account provider, enter the levied fee or charge in the Transfer Fee textbox for the corresponding account. The system will automatically create an expense for the transfer fee.
If a transfer fee expense is created, this expense will have to be manually marked as reconciled.
A transfer record cannot be edited once it is created. If there are incorrect details, then the original transfer record should be deleted and and a new record created with the correct details.
A transfer is "locked" if it is included within any form of regulatory or tax return. For example, Corporation Tax or VAT return.
Once a transfer is locked it cannot be deleted.
To view all transfers irrespective of the source or destination account:
Transfers In
To view all record of transfers into a specific account:
Transfer Out
To view all record of transfers out of a specific account:
To delete a transfer:
It is not possible to delete a transfer that is market as Locked.
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