A new window will open.
The first field in the window is the number assigned by the system to this transfer. It is auto-generated and you should not need to change.
After selecting the ‘Transfer From’ cash account and the ‘Transfer To’ cash account, enter the amount of the transfer and the date the funds were transferred. Add additional comments that will remind you of the purpose of the transfer in the comments field.
Once you have entered all the information for this transfer, The nest step is to Approve the transaction or Save the transaction to be approved later.
The last topic we will cover in this training is transferring money between legal entities. When two cash accounts are selected that are held by different legal entities, Restaurant365 automatically creates a corresponding ‘Intercompany Due To’ and ‘Intercompany Due From’ entry on the transaction behind the scenes.
Here is an example of a non-intercompany bank transfer:
Debit: Transfer To (cash account)
Credit: Transfer From (cash account)
Here is an example of an intercompany bank transfer where legal entity ‘A’ is transferring funds to legal entity ‘B’:
Debit: Transfer To (cash account held by Legal Entity ‘B’)
Credit: Transfer From (cash account held by Legal Entity ‘A’)
Debit: Due From Legal Entity ‘B’ (asset in Legal Entity ‘A’)
Credit: Due To Legal Entity ‘A’ (liability in Legal Entity ‘B’)
The intercompany bank transfer leverages the pre-set account relationships between the legal entities.
Once again, Restaurant365 handles all the intercompany entries for you – no need to book them separately. Recording a bank transfer is easy.
That covers the basics of ‘Bank Transfer’. Thank you for attending this training session. This article is one of many training sessions available to you on-demand. We invite you to continue your training so that you can get the most out of Restaurant365 to help your restaurant reach it’s full potential.