Transfers

The Transfers section allows you to seamlessly move funds between any two of your tracked cash or bank accounts. This ensures your system balances accurately reflect real-world money movements.

The Transfers dashboard displays a complete history of all fund movements between your accounts.

Key Actions:

• Track Movements: View past transfers, including source accounts, destination accounts, and amounts.
• Initiate Transfer: Start a new fund transfer process.

To move money between accounts, click the Create button on the Transfers dashboard.

Transfer Process:

1. From Account: Select the source account where the funds are currently located.
2. To Account: Select the destination account where the funds will be deposited.
3. Amount: Enter the exact amount to be transferred.
4. Date: Specify the date the transfer occurred.
5. Description: (Optional) Add a note explaining the reason for the transfer (e.g., "Weekly cash deposit to bank").

Impact of Transfers:

When a transfer is saved, Agora automatically:

• Deducts the amount from the From Account.
• Adds the amount to the To Account.
• Generates the corresponding General Ledger (GL) entries for the fund movement.

You can click on any completed transfer to review its specific details and ensure accuracy.

• Daily Bank Deposits: At the close of a retail shift, record a transfer to move accumulated funds from the physical "Store Cash Vault" directly into the "Main Business Checking" account.
• Funding Payroll: Transfer a lump sum from your primary revenue account into a dedicated payroll bank account prior to distributing employee salaries.
• Petty Cash Replenishment: Document a withdrawal from the bank account to safely top up the physical petty cash box kept in the office for ad-hoc expenses.

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Maintain precise control over your internal fund movements with Agora's Transfer capabilities.