A company might have several bank accounts or cash registers. Within KIU it is possible to handle internal transfers of money with only a couple of clicks.
We will take the following example to illustrate. My company has two bank accounts and I want to transfer 10,000,000 VND from one of our bank accounts to the another one.
→ Check your Chart of Accounts and default transfer account
To handle internal transfers you need a transfer account in your charts of account. KIU will generate an account automatically based on the country of your chart of account. To parameter your chart of account and check the default transfer account go into your the accounting module, select Configuration ‣ Settings.
→ Log an internal transfer
The first step is to register the internal paiement. To do so, go into your accounting dashboard. click on the more button of one of your banks and select New ‣ Internal transfer.
Create a new payment. The payment type will automatically be set to internal transfer. Select the Bank you want to transfer to, specify the Amount and add a Memo if you wish.
Save and confirm the changes to register the payment.
In terms of accounting the money is now booked in the transfer account. We’ll need to import bank statements to book the money in the final accounts.
→ Import bank statements and reconcile
Note that the bank balance computed by KIU is different that the last statement of your bank.
That is because we did not import the bank statement confirming the departure and arrival of the money. It’s thus necessary to import your bank statement and reconcile the payment with the correct bank statement line. Once you receive your bank statements click the new statement button of the corresponding bank to import them.
Fill in your Transactions line. Once done, KIU will display a Computed Balance. that computed balance is the theoretical end balance of your bank account. If it’s corresponding to the bank statement, it means that no errors were made. Fill in the Ending balance and click on the Reconcile button.
The following window will open:
You need to choose counterparts for the paiement. Select the correct bank statement line corresponding to the paiement and click on the reconcile button. Close the statement to finish the transaction
The same steps will need to be repeated once you receive your second bank statement. Note that if you specify the correct amount, and the same memo in both bank statement and payment transaction then the reconciliation will happen automatically.