[GNC] Recording/Reporting transfers between accounts

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[GNC] Recording/Reporting transfers between accounts

Finbar Mahon
Hello,

At year end I need to record the transactions that have been made
between accounts.

Firstly, I am not sure of the logic to  be used -

So, if I want to transfer €1000 to another a/c, I fill in 'transfer to
x' in description; what do I put in the 'transfer' box ? - 'assets
account from which transfer is to be made'? and €1000 in 'withdrawal'?

OK, assuming that is right then the transferred to a/c should show €1000
in the deposit window?

To check what transfers I made after a period, can I create a report? If
so, under what heading in reports?

TIA Finbar

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Re: [GNC] Recording/Reporting transfers between accounts

Maf. King
On Friday, 1 February 2019 14:31:21 GMT Finbar Mahon wrote:

> Hello,
>
> At year end I need to record the transactions that have been made
> between accounts.
>
> Firstly, I am not sure of the logic to  be used -
>
> So, if I want to transfer €1000 to another a/c, I fill in 'transfer to
> x' in description; what do I put in the 'transfer' box ? - 'assets
> account from which transfer is to be made'? and €1000 in 'withdrawal'?
>

Hi Finbar,

Assuming that you are in basic  single line view mode in the register of the
account that you are transferring from, then Description sounds right,
Transfer would be the "destination" account and withdrawal of 1000.
(effectively exactly the same as paying a credit card bill etc.)

> OK, assuming that is right then the transferred to a/c should show €1000
> in the deposit window?
>
Yes.  (assuming both are bank (asset) accounts - the labels might be different
in other type account.)


> To check what transfers I made after a period, can I create a report? If
> so, under what heading in reports?
>

I'd start with the transaction report.

HTH,
Maf.


> TIA Finbar
>





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Re: [GNC] Recording/Reporting transfers between accounts

Adrien Monteleone-2
In reply to this post by Finbar Mahon
Finbar,

Not sure what screen you are viewing here.

Are you entering the transfer directly as a transaction into an asset register or are you using the Transfer button that opens another window to handle entering the transfer?

I normally run with Preferences > Accounts > Labels > Use formal accounting labels, so I only deal with ‘debit’ and ‘credit’ labels. I find this much easier to comprehend than having different labels depending on which type of account I am in.

But with that setting turned off, I still don’t see a ’transfer’ box in a checking (or any other asset) register. I see ‘deposit’ and ‘withdrawal’. (spend/receive if in a cash account, increase/decrease for any generic asset)

If I use the Transfer button, then I see a section of the window with ’Transfer from:’ and ’Transfer to:’ those should be pretty self explanatory.

If you are doing this in the register, the left column is always ‘debit’ and the right column is always ‘credit.’ (even if you aren’t using formal labels)

So if you are transferring money from say checking to savings, open the checking register,

Enter a transaction with the amount you are putting into savings (assigned to the savings account) in the left column. (debit)
Enter the second split with the same amount assigned to the current account (checking) in the right column. (credit)

For reporting, you have at least 3 choices:

Cashflow report limited to only the asset accounts you want to see transfers between.
Transaction report limited to only those same asset accounts
Register report for any one asset account optionally filtered to show only transactions involving one or more other asset accounts which might have transfers.

Hope that helps,

Regards,
Adrien

> On Feb 1, 2019, at 8:31 AM, Finbar Mahon <[hidden email]> wrote:
>
> Hello,
>
> At year end I need to record the transactions that have been made between accounts.
>
> Firstly, I am not sure of the logic to  be used -
>
> So, if I want to transfer €1000 to another a/c, I fill in 'transfer to x' in description; what do I put in the 'transfer' box ? - 'assets account from which transfer is to be made'? and €1000 in 'withdrawal'?
>
> OK, assuming that is right then the transferred to a/c should show €1000 in the deposit window?
>
> To check what transfers I made after a period, can I create a report? If so, under what heading in reports?
>
> TIA Finbar


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Re: [GNC] Recording/Reporting transfers between accounts

Adrien Monteleone-2
In reply to this post by Maf. King


> On Feb 1, 2019, at 8:55 AM, Maf. King <[hidden email]> wrote:
>
> On Friday, 1 February 2019 14:31:21 GMT Finbar Mahon wrote:
>>
>
> Hi Finbar,
>
> Assuming that you are in basic  single line view mode in the register of the
> account that you are transferring from, then Description sounds right,
> Transfer would be the "destination" account and withdrawal of 1000.
> (effectively exactly the same as paying a credit card bill etc.)

Ah, I see now. ’Transfer’ is only visible in Basic Ledger mode. I normally use Transaction-Journal mode so I never see that. Perhaps that is why I switched so soon after starting with GC. The default terminology can be very confusing. (one doesn’t think of ’transferring’ to expense accounts, rather ’spending’ and once you grok debit/credit, you don’t even need to bother with specific account terminology.)

Regards,
Adrien
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Re: [GNC] Recording/Reporting transfers between accounts

Stephen M. Butler
In reply to this post by Maf. King
On 2/1/19 6:55 AM, Maf. King wrote:

> On Friday, 1 February 2019 14:31:21 GMT Finbar Mahon wrote:
>> Hello,
>>
>> At year end I need to record the transactions that have been made
>> between accounts.
>>
>> Firstly, I am not sure of the logic to  be used -
>>
>> So, if I want to transfer €1000 to another a/c, I fill in 'transfer to
>> x' in description; what do I put in the 'transfer' box ? - 'assets
>> account from which transfer is to be made'? and €1000 in 'withdrawal'?
>>
> Hi Finbar,
>
> Assuming that you are in basic  single line view mode in the register of the
> account that you are transferring from, then Description sounds right,
> Transfer would be the "destination" account and withdrawal of 1000.
> (effectively exactly the same as paying a credit card bill etc.)
>
>> OK, assuming that is right then the transferred to a/c should show €1000
>> in the deposit window?
>>
> Yes.  (assuming both are bank (asset) accounts - the labels might be different
> in other type account.)
>
>
>> To check what transfers I made after a period, can I create a report? If
>> so, under what heading in reports?
>>
> I'd start with the transaction report.
>
> HTH,
> Maf.


You might want to have something in the description or memo field like
"Transfer" on which you could filter the results.

>
>
>> TIA Finbar
>>
--Steve

--
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253-350-0166
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Re: [GNC] Recording/Reporting transfers between accounts

Finbar Mahon
In reply to this post by Maf. King
Thanks for all that, I just need to examine in some detail the results
of transfers as they arrive in the end of year P&L, some seem to be
misapplied.

Finbar

On 01/02/2019 15:55, Maf. King wrote:

> On Friday, 1 February 2019 14:31:21 GMT Finbar Mahon wrote:
>> Hello,
>>
>> At year end I need to record the transactions that have been made
>> between accounts.
>>
>> Firstly, I am not sure of the logic to  be used -
>>
>> So, if I want to transfer €1000 to another a/c, I fill in 'transfer to
>> x' in description; what do I put in the 'transfer' box ? - 'assets
>> account from which transfer is to be made'? and €1000 in 'withdrawal'?
>>
> Hi Finbar,
>
> Assuming that you are in basic  single line view mode in the register of the
> account that you are transferring from, then Description sounds right,
> Transfer would be the "destination" account and withdrawal of 1000.
> (effectively exactly the same as paying a credit card bill etc.)
>
>> OK, assuming that is right then the transferred to a/c should show €1000
>> in the deposit window?
>>
> Yes.  (assuming both are bank (asset) accounts - the labels might be different
> in other type account.)
>
>
>> To check what transfers I made after a period, can I create a report? If
>> so, under what heading in reports?
>>
> I'd start with the transaction report.
>
> HTH,
> Maf.
>
>
>> TIA Finbar
>>
>
>
>
>
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