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It would be great to be able to edit and amend a transfer money transaction like you can spend and receive money transaction.<br>Also,why is this option in the accounts command centre and not in banking command centre?
Thanks for the ideas Christine. In regards to moving the transfer money option to the banking command centre, this has also been suggested by other users. I recommend adding a vote here. http://community.myob.com/t5/AccountRight-Idea-Exchange/Monve-Transfer-Money-to-banking-command-centre/idi-p/161766 Having the ability to edit your transfer money transactions is a great idea. If users would like to see this feature, please add a vote.
I always recommend to clients that theydo not use Transfer Money at all for 3 reasons -
-if you make a mistake you cannot edit the transaction & need to delete & re-enter,
-you do not get a Reconciled transaction warming.
-you cannot put a job number on it.
Always use Spend or Receive money functions instead
I agree Christine. I think it should also be in the Banking tab, not the accounts tab.
I think MYOB either needs to fix the functionality referred to above re Transfer Money or take it away all together. I do agree it would make more sense to be on the banking tab.
Just wondering if there has been an outcome on to this yet?
I'm a bit confused by the difference between transfer and spend. I have one bank account for majority of transactions and banking and have a separate bank account for loan direct debits. In the past money has been 'spent' from the day-to-day account to the loan account, then 'spent' again from the loan account when it's physically direct debited. Doesn't this mean it will come up in reports as being spent twice rather than the money being transferred from one account before it's actually spent (direct debited)??
Thank you for your enquiry.
To clarify, you can use either Transfer Money or Spend Money and for that matter Receive Money to show the imact of money being moved from one Bank Account to another Bank account.
The double entry transaction created by the system when any of these options is used is the same.
In Transfer Money:
The Asset account selected in 'Transfer Money From' field is Credited (reduced) and the 'Transfer Money To' account is Debited (increased).
As David pointed out, there are some restrictions to the Transfer Money function, the main one being that it cannot be edited.
In Spend Money:
The Bank account selected as the 'Pay from Account' is Credited and the Bank Account selected as the allocation account (under the Acct No.) column is Debited. In your example you would select the day-to-day account as the Pay from account and the 'Bank account for loan direct debit' as the allocation account.
In Receive Money:
For the same transaction you would use the 'Bank account for loan direct debit' as the 'Deposit to' account and the day-to-day account as the allocation account.
Receive and Spend Money is treated based on which account's point of view is used. The effect is the same either way.
As for effect on reports, the first step of moving money from one account to the other does not impact any other accounts. It is only showing the movement of funds. It is the final Spend Money transaction to show the actual Direct Debit from the Bank account for loan direct debit that is recording the Expense / or reduction of Loan Liability. So this Spend Money will need to have the Pay from as the 'Bank account for loan direct debit' and the Allocation account as the Liability account for the Loan that is being paid off.
I hope that helps. Please don't forget to vote on this idea if you would like the ability to edit Transfer Money transactions.
would be great if you could change the date on transfer money once you have created the transfer, instead of having to delete the transfer and start again
Since updating to 2016.3 I am unable to delete a Transfer Money, there is no edit?
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