Transfers between accounts

A transfer moves money between two of your own accounts: from the current account to petty cash, to a deposit account, or to the company credit card to pay its statement. It is not income or an expense, so Verasol books it straight from one account to the other. A transfer is booked as soon as you save it, and it is cancelled only by reversing it.

Find your transfers#

Open Banking › Bank Accounts and click Transfers between accounts. The page shows the balance of each account at the top, and every transfer below with its date, number, accounts, amounts, bank fee and status.

• 1 New transfer books a new transfer. It is shown when you have at least two active accounts.
• 2 A reversed transfer stays in the list, greyed out, with the date it was reversed and the reason.
• 3 A transfer that is matched to a line of the bank statement says so. The bank has made it, so it can no longer be reversed.

A booked transfer that is not matched yet has a Reverse button. See Reverse a transfer.

Filter the list by Account and by Status (Booked or Reversed). Click a row to see the transfer with its journal entry.

To see the transfers of one account only, open the account and click Transfers of this account.

Book a transfer#

1. Click New transfer. From an account's page, click Transfer to another account instead: the account you are on is the source.
2. Choose the From account and the To account.
3. Enter the Date the money moved. It can't be later than today, or inside a period that either account is already reconciled through.
4. Enter the amount sent. When the two accounts are in different currencies, also enter the amount received, as on the bank's advice.
5. If the bank charged a fee, enter it in Bank fee, with the VAT included in the fee. With VAT, enter the bank's TRN from its fee advice or statement.
6. Add a Reference (the bank's reference helps the reconciliation) and a Description.
7. Click Book transfer.

1 From account, 2 To account, 3 Bank fee, 4 VAT included in the fee, 5 Book transfer.

Verasol numbers the transfer (FT-2026-0013, for example) and books it at once.

Transfers in two currencies#

Between an AED account and an account in another currency, Verasol books each account in its own currency. For a currency pegged to the dirham, such as USD, it uses the peg. For other currencies it uses the rate you enter in Exchange rate to AED, or the rate published for the date when you leave it empty. The difference between what left one account and what arrived in the other, in AED, is an exchange gain or loss.

A transfer between two foreign currencies, for example from USD to EUR, can't be booked directly: transfer through an AED account.

What Verasol books#

For a transfer of AED 10,000.00 from the current account to the call deposit account, with a bank fee of AED 26.25 including VAT of AED 1.25, Verasol posts:

The fee is taken from the account the money leaves. The VAT on the fee is recovered as input VAT only when your company is registered for VAT and you entered the bank's TRN. Otherwise Verasol refuses the VAT: enter the whole fee without VAT.

Reverse a transfer#

A transfer entered by mistake is not deleted. You reverse it: Verasol posts a reversing entry that takes the transfer out of both accounts, together with its bank fee and any VAT on the fee. The transfer stays on record with the status Reversed.

1. Click Reverse on the transfer's row, or in its window.
2. Enter the Reason (required), for example "entered on the wrong account".
3. Leave the Date of the reversal (optional) empty, unless the bank returned the money on a later day.
4. Click Reverse transfer.

The transfer's window then shows both entries and the reason.

1 The Journal entry that booked the transfer, 2 the Reversing entry with the date it carries in the books, 3 the Reason, with who reversed it.

Without a date, the reversal is dated on the transfer's own date, so the mistake leaves nothing in that month. That is possible while the month is open, neither account is reconciled past that date, and the VAT return that covers a fee with VAT is not filed. Otherwise the reversal is dated today. A date you enter can't be before the transfer.

Transfers from the bank statement#

When you reconcile an account and the statement shows a transfer that is not in your books yet, book it from the statement line as From own account or To own account. Verasol books the same kind of transfer and matches it to the line in one step. See Reconcile a bank account.

Related#

• Bank, cash and card accounts
• Reconcile a bank account
• Payments
• Awaiting your approval