This blog post will let you know about How to record a wire transfer? It totally depends on the reason of the wire transfer. You can document it as an expenditure using the Cash Expense feature, or as a deposit using the Bank Deposit feature.
How to Record a wire transfer as expenditure :
If the money is transferred out of your account, follow these below mentioned steps:
- Click on to the New.
- In Suppliers tab, click on Expense.
- To mention a supplier or place of purchase in the Payee field.
- In the Bank/Credit account field you must specify the bank account from where the wire was transferred.
- Type the date of purchase in the Payment Date field.
- Choose the Payment method.
- Type Wire Trans or WT in the Ref no. field.
- Mention the expense Account which tracks the charges,
- Type Accounts Payable if you wanted to transfer the bill.
- Type the Amount of the purchase.
- Click on Save and close to save the document and exit from the application or Save and new to save the document and create a new one.
How to Record a wire transfer as a deposit
If the money will be transferred in to your account, follow these steps:
- Click on to the New.
- In other tab, choose Bank Deposit.
- In the Account, select the bank account to which the wire was transferred
- Type the Date on which the wire was received.
- Mention from whom the wire was received from.
- Recognize the income Account related to the transfer
- Type Accounts Receivable if the transfer is planned to pay an invoice.
- Type Wire Trans or WT in Payment method.
- Mention the transferred Amount.
- Type the expense Account who tracks wire or bank fees
- The total Amount of the fee, entered as a (-) negative amount.
- To check whether the deposit balance matches with the actual deposited amount
- Click on Save and close to save the document and exit from the application or Save and new to save the document and create a new one.
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