Funds Transfer? | lessaccounting

Funds Transfer?

Moving money from one account in LessAccounting to another is considered a Funds Transfers. For that, you'll want to use the "Transfer" option on the Transactions page.
 
Our app tries to guess which transactions are transfers and lists them as "Possible Transfers" under Troubleshooting on the Transactions page. Simply tell us which are really transfers, and which aren't.
 
Notes about our "possible transfers":
  • LessAccounting will try to highlight what we think are possible transfers between accounts. The way we pick out possible transfers is this: An amount is debited from one of your accounts and that same amount is credited to another account within 5 days of each other. (For example, if we see that $500.25 was taken from your bank account on 12/1 and $500.25 was credited to your credit card account on 12/3, then we say "Hey, we think this is a transfer" and add that to your possible transfers list.)
  • BOTH accounts need to be set up in LessAccounting for the Possible Transfers to work. That is, you have the account the money is leaving from and the account the money is entering into, set up in the app.
In some scenarios where we do not catch the transfer, you can manually create it by clicking the ADD a transfer button in the top right corner of the Transactions page. Just be sure to delete the original deposit and expense transactions from your list of transactions.

Examples of business funds transfers include: Using business checking accounts to pay for business credit cards, moving money from an operating account to a payroll account, transferring money from your PayPal account to your checking account, withdrawing cash from an ATM and adding it to your cash box.