Bank Feeds: Rules - Transfer Money

You can already do this in AccountRight Plus 2013.5 - I regularly transfer funds from my main account to 2 other savings accounts, and I've set up a rule in AccountRight Plus for these transfers.  

The trick is to set it up against your main account only, then approve the rule in your main account each time the transfer shows up.  Once the rule has been approved, it will create the transaction and be available to approve in your other account.

I've also set specific words as the reference which I use every time I transfer funds from my main account to my other accounts and have set the rule with these words.  (Eg. when I transfer the GST to my GST account, my reference is just "GST" and then when setting up my rule, I have it applying to only one account, the exact word as 'GST' and then allocate it directly to my GST account).

This has saved me a lot of time processing these regular transfers.

Either I'm not understanding something properly, or we're talking about two slightly different things...

We regularly transfer money from our cheque account to a property loan account for repayments. Before I started using Bank Feeds, I was creating these transactions in MYOB as transfers (Accounts > Transfer Money). Now that I'm using Bank Feeds, I'd like to continue using the Transfer Money option, but setup as a rule.

When I go to the Bank Feeds screen, I can see the repayment on the left (from the bank statement). There is no matching MYOB transaction on the right yet, so I click the 'New' button. I get the following options: Spend Money, Pay Bill, Transfer Money and Transaction Rule. 'Transfer Money' is what I want, but that's only if I want to manually create the transaction each time. If I instead go to 'Transaction Rule' I can setup a rule to automate the transaction creation, however it creates a 'Spend Money' transaction (as seen in the title bar of that window: New Spend Money Rule).

What I want is either the ability to choose what type of transaction is created when setting up a new rule, or just a new option in the 'New' dropdown: Transfer Money Rule.

I'm very keen to be able to do Bank Feed transaction rules for Transfer Money as we have a lot of internal transfers that could be automated this way. I too don't want to revert to using Spend Money rules for these as I'd like to be consistent with what function is used for that.

I hope this is coming soon to Account Right Plus :)

Thanks

Hello Louise,

I suggest that you do 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 warning.

-you cannot put a job number on it.

Always use Spend or Receive money functions instead.

Cheers

David

Hello LoveYourBooks 

Thank you for your additional information, I encourage anyone else that would like to see this implemented into the software to Vote+ and comment.

Regards,

Kat 

I would like to be able to setup a rule to create a new transfer also. As an accountant this would be of great assistance for many of my clients rather than having to use workarounds or manually creating the transfer transaction.