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Money Transfers

Money Transfers

Money Transfers allow you to move funds between your own payment accounts without affecting customer or supplier balances.

Common examples include:

  • Depositing cash into a bank account

  • Withdrawing cash from a bank

  • Moving funds between bank accounts

  • Replenishing a petty cash account

  • Transferring funds between business accounts

Every transfer creates matching accounting entries, ensuring both accounts remain synchronized.

Note: Source and destination accounts must already exist under Accounting → Bank Accounts.

Creating a Money Transfer

  1. Go to Accounting → Money Transfers.

  2. Click Add Transfer.

  3. Complete the transfer details.

  4. Click Add Transfer.

Transfer Details

Date

Select the date the transfer occurred.

Amount

Enter the amount being transferred.

Bank Fee (Optional)

If the bank charged a transfer fee, enter the fee amount.

The fee is recorded separately as an expense while the transfer amount is moved between accounts.

If no fee was charged, leave this field as 0.

From Account

Select the account the money will be transferred from.

Examples:

  • Cash on Hand

  • Bank of Maldives

  • MIB Current Account

  • Petty Cash

To Account

Select the account the money will be transferred to.

The destination account must be different from the source account.

Business Location (Optional)

If the transfer relates to a specific business location, select it here.

Otherwise, leave the location blank.

Reference / Cheque Number

Optionally enter a reference number, cheque number, deposit slip number, or bank transaction reference.

Notes

Add any internal notes describing the transfer.

Examples:

  • Daily cash deposit

  • Petty cash replenishment

  • Transfer to payroll account

Posting the Transfer

After saving:

  • The selected amount is deducted from the From Account.

  • The same amount is added to the To Account.

  • Any bank fee entered is recorded separately.

  • A complete audit trail is created.

Viewing Money Transfers

All transfers can be viewed from:

Accounting → Money Transfers

Use the transfer history to review previous movements between your accounts.

Examples

Cash Deposit

Move MVR 5,000 from:

Cash on Hand → Bank of Maldives

Petty Cash Top-up

Move MVR 2,000 from:

Main Bank Account → Petty Cash

Bank-to-Bank Transfer

Move MVR 25,000 from:

BML Current Account → MIB Current Account

Best Practices

  • Always use Money Transfers when moving funds between your own accounts instead of creating income or expense transactions.

  • Record bank fees using the Bank Fee field whenever applicable.

  • Include a bank reference or deposit slip number for easier reconciliation.

  • Verify both the source and destination accounts before posting the transfer to avoid unnecessary corrections.

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