The Bank Transfer form 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.
Create a Bank Transfer
Hover over the ‘Banking’ menu in the Top Ribbon and select ‘Transfer’. The Bank Transfer form will load in a new tab.
Bank Transfer Header
Number - The Auto-generated Number for the Bank Transfer. Starting Numbers and Prefixes can be adjusted on the Autonumbering page
Transfer From - The Bank Account that the funds will be Transferred From
Transfer To - The Bank Account that the funds will be Transferred To
Comment - An optional comment field
Amount - The Total Amount that will be Transferred
Date - The date of the Bank Transfer. This will default to the Current Date
Location - The Origin Location of the Transfer. This is used when setting the Legal Entity and any necessary Intercompany auto-entries
Transfer To - The Destination Location of the Transfer. This is used when setting the Legal Entity and any necessary Intercompany auto-entries
Upload File button - The option to upload a file
Save and close or approve and close the Bank Transfer to complete the transaction.
Bank Transfer Actions
Delete - This will delete the saved Bank Transfer
Void - This replaces 'Delete' on Approved Bank Transfers and voids the Bank Transfer. Click here for more information on Voiding
Memorize - This will create a memorized transaction using the Bank Transfer as a template
Email Link - This will send an email with a link from the Bank Transfer using Restaurant365. User Email Settings must be configured in order to use this feature
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.
