Move money between accounts and keep your records in sync

When you transfer money between your own accounts, such as moving funds from your savings to your operating account, you need to record it in Officaid. Internal transfers ensure both accounts reflect the correct balances.

Recording an Internal Transfer

1. 1 Go to Finance → Accounts and click on the account you want to transfer from
2. 2 In the Overview tab, click Add Internal Transfer under Quick Actions
3. 3 Select the Transfer from account
4. 4 Select the Transfer to account
5. 5 Enter the Amount to transfer
6. 6 Set the Date of the transfer
7. 7 Add optional Remarks for your reference
8. 8 Click Record Transfer to save

Once recorded, the transfer will appear as Other Income in the receiving account with the category set to "Internal Transfer".

Transferring Between Different Currencies

You can transfer money between accounts that hold different currencies. When you do this, you will need to specify the conversion rate.

After recording the transfer, the receiving account will show the transaction under Other Income. From there, you can enter the actual conversion rate to ensure your records match your bank statement.

How Internal Transfers Appear in Your Accounts

When you record an internal transfer:

• The source account shows a debit (money out)
• The receiving account shows the transfer as Other Income with the category "Internal Transfer"

Both transactions are linked, so your overall finances remain balanced.

Frequently Asked Questions

What's Next?

Now that you know how to record internal transfers, explore these related guides:

• What is Debit and Credit - Understand how transfers create debits and credits
• Multi-Currency Accounts - Transfer between accounts in different currencies
• Recording Other Income - Learn more about income records