Account Transfers

KB266 Last reviewed 06 May 2016

Overview, creation and management of account transfer records.

1 Introduction
2 What is an Account Transfer
3 Creating a Transfer
1. 3.1 Accounts in Different Currencies
  1. 3.1.1 Exchange Rate
  2. 3.1.2 Exchange Rate Source
2. 3.2 Transfer Fees
4 Editing a Transfer
5 Locked Transfers
6 Viewing Transfers
1. 6.1 All Transfers
7 Deleting a Transfer

Introduction

This article explains the Account Transfers within the Camino Market module and how they may be created and managed.

What is an Account Transfer

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:

Recording payments from a bank account to a company credit card.
Account debits for PayPal payments

Creating a transfer record does not invoke any actual financial transfer. It is a record of a transfer or payment actually taking place.

Creating a Transfer

In Camino Administrator:

Go to Market > Configuration > Financial Accounts
Click on the Create Transfer button in the toolbar
Complete the transfer form
1. The Source Account is the account from whom the funds are being removed.
2. The Destination Account is the account that will received the funds.
3. See notes regarding different currencies and transfer fees below
Click on Create Transfer to create the record.

Accounts in Different Currencies

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.

Exchange Rate

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.

Exchange Rate Source

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.

Transfer Fees

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.

Editing a Transfer

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.

Locked Transfers

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.

Viewing Transfers

All Transfers

To view all transfers irrespective of the source or destination account:

Go to Market > Configuration > Financial Accounts
Click on the View Transfers button in the toolbar
The transfers list will now load.

Transfers In

To view all record of transfers into a specific account:

Go to Market > Configuration > Financial Accounts
Click on the menu icon next to the relevant account and select Transfers In from the menu.

Transfer Out

To view all record of transfers out of a specific account:

Go to Market > Configuration > Financial Accounts
Click on the menu icon next to the relevant account and select Transfers Out from the menu.

Deleting a Transfer

To delete a transfer:

In a list of transfers, locate the transfer you wish to delete and click on the menu icon
Select Delete from the menu.

It is not possible to delete a transfer that is market as Locked.

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