Forum Discussion

paulgoulding's avatar
paulgoulding
Experienced User
2 years ago

Bank Transfers

I regularly transfer money between my main business account and my savings account, these accounts are with the same bank and are listed in MYOB as my accounts. Occasionally I transfer funds from the business account to an external bank account (personal account). The bank feeds show these transactions. When I go alloocate a transaction between the business and savings account, I can see two money transfer transactions, a money transfer option for the transaction to the external personal account as well as the correct transaction between business and savings, naturally, I select the transfer between business and savings. When I go to the transaction from business to external, the money transfer option I saw before is not available..... if I create a new money transfer, I can't select the external to account as it is external. This makes no sense and is doing my box in. 

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator

    Hi paulgoulding

     

    Thanks for posting in the forum. 

     

    I'm sorry to hear about the challenges you're facing with transferring money from your bank accounts and my apologies for the late response. To clarify, it seems you are attempting to transfer funds from one of your company bank accounts to an external account using the "transfer money" feature. Typically, when transferring to a personal bank account that doesn't have a corresponding ledger account in the file, it's advisable to record the transfer as a "spend money" transaction. This involves recording a debit from one of your accounts but not recording a credit because there isn't a ledger account for the external bank.

     

    Feel free to post again if you have further queries ang one of us will be happy to help.
    Regards,
    Earl