How to Transfer Funds with ERP

Transcription

0:03 – 0:14 We’re now going to take a look at how to transfer funds between bank accounts within Blue link. To do so, we’re going to open up the transfer funds screen, which can be found in bank management. And then transfer funds.

0:15 – 0:32 Once the screen is open, you’re going to record the date of the transfer and then any transaction reference number. If you’ve done a transfer online, you would often receive a reference number for the transaction, and if you don’t have a number often, commonly what people do is just use the data as a reference number.

0:38 – 1:00 Next step we’re going to do is choose the from account. So which account the funds are being transferred out of. We’ll, in this case choose our Canadian account and we’re going to transfer funds into our U.S. dollar account. Transfers can occur between accounts of the same currency and accounts of different currencies, as in this situation.

1:01 – 1:22 So in this example, we’re going to transfer $2000 Canadian out of our Canadian account and then we’re going to look at our US account and see how much was the actual amount of the funds that came into the account resulting from the transfer. So this amount might be net after any transfer fees or anything of that sort.

1:23 – 1:41 So in this example, we’ll say that in our US account we received $1622.00 .As you can see down here, the system is automatically calculating a foreign exchange amount and this amount here is gonna be posted to the unrealized exchange different account as set-up in the system master.

1:42 – 2:01 And that’s pretty much it, we just have to process the transfer. And then the transfer is done, so the $2000 has been subtracted from the Canadian bank account and the $1622 has been added into the US Bank account.