Bank Transfer

The bank transfer record is used to record the transfer of funds between an organization’s bank accounts.

Restaurant365 does not initiate the transfer of funds with the bank itself. Transfers must be performed outside the system and then recorded in Restaurant365 using this form.

Navigation

Create a New Bank Transfer:

Open the Create menu.
Under Banking, click Transfer.

View an existing bank transfer:

Open the Accounting application.
Expand the Banking category.
Click Bank Transactions.

Bank Transfer Buttons and Fields

	Button/Field	Description
1	Save	Opens a menu of the following save options: Save: Saves the bank transfer and remains on the record. Save and New: Saves the bank transfer and opens a new blank bank transfer record. Save and Close: Saves the bank transfer and closes the record.
2	Approve	Opens a menu of the following approve options: Approve: Approves the bank transfer. Approve and New: Approves the bank transfer and opens a new blank transfer record. Approve and Close: Approves the bank transfer and closes the record. Approved transactions have full GL impact, are available for matching with bank activity, and cannot be edited unless they are unapproved. Learn more about approving transactions.
3	Action	Opens a menu of the following options: Memorize: Opens the memorize prompt where template details are entered. Email Link: Opens the email link prompt where the recipient and email details are entered. User Email Settings must be configured in order to use this function. Delete - Deletes the the bank transfer. This action cannot be undone and is not available for approved bank transfers. Void: Creates an off-setting transaction that nullifies the original transaction while retaining a record of both the original transaction and the voiding (or off-setting) transaction. This replaces 'Delete' on Approved Bank Transfers and voids the Bank Transfer. Click here for more information on Voiding. Transaction Summary: Opens a Transaction Summary for the Bank Transfer, which displays the GL account, location, and legal entity details for the bank transfer.
4	Number	The auto-generated number for the bank transfer. Starting numbers and prefixes can be adjusted on the Autonumbering page.
5	Transfer From	The bank account funds will be transferred from.
6	Transfer To	The bank account funds will be transferred to.
7	Comment	An optional field that can be used for additional notes or comments regarding the transfer.
8	Amount	The amount to be transferred.
9	Date	The date of the bank transfer.
10	Location	The location the funds are being transferred from.
11	Transfer To	The location the funds are being transferred to.
12	Upload File	Opens the file explorer for document upload.

Intercompany Entries on Bank Transfers

When two Bank Accounts are selected that are owned by different Legal Entities, Restaurant365 automatically creates a corresponding ‘Intercompany Due To’ and ‘Intercompany Due From’ entry on the transaction. Once the Bank Transfer is saved and approved, the 'Distribution' tab will appear with the corresponding Intercompany Entries, if necessary.

Non-Intercompany Bank Transfer

Debit: Transfer To (cash account)
Credit: Transfer From (cash account)

Intercompany Bank Transfer

Location 1 (Legal Entity 1) is transferring funds to Location 2 (Legal Entity 2)

Debit: Transfer To (cash account held by Legal Entity 2)
Credit: Transfer From (cash account held by Legal Entity 1)
Debit: Due From Legal Entity ‘B’ (asset in Legal Entity 1)
Credit: Due To Legal Entity ‘A’ (liability in Legal Entity 2)

The Intercompany Bank Transfer leverages the pre-set account relationships between the Legal Entities.