In order to reflect the transfer of funds between bank accounts you will need to record a transfer between the corresponding Elevate bank accounts.
The most common use for this is to transfer management revenue earned within the client account through the payment of charges by landlord properties and tenants. This money must be transferred to the office account for it become the agency's own money so it can be classified as profit, and utilised within the business.
- Go to the bank account from which the money is to be transferred via the Accounting module and selecting Bank-Related > Bank Accounts.
- Click the relevant bank account to transfer from - the "donor" account.
- Click Transfer Funds to see the transfer form.
- Provide details of the transfer.
- Choose the appropriate transfer type.
- If you are transferring funds from the Client to the Office account, you will most likely be transferring management revenue. If you select the Revenue type you will see a list of management revenue (charge payments) awaiting transfer listed on the right-hand side of this form.
- Specify the transfer value.
- Indicate which bank account you are transferring this money to.
- Select the date of the transfer.
- Add a description, if necessary.
- Click Transfer to complete the process.
The balance in the donor account will reduce, and the recipient account will increase accordingly. Both bank account statements will reflect the payments in and out.