Bank transfer
A bank transfer records money moving between a sending and receiving bank account. QuickStart first posts the withdrawal to an intermediary account and marks the transfer In transit, then completes the movement through a bank transfer deposit that records receipt in the destination account.
- A bank transfer credits the sending account and debits the default intermediary account. The transfer has an In transit status.
- A bank transfer deposit debits the receiving account and credits the intermediary account. The transfer then has a Deposited status.
The default intermediary account must be configured in Accounting preferences before you create a transfer.
A transfer can also include fees. Fees on the bank transfer increase the amount removed from the sending account. Fees on the bank transfer deposit reduce the amount received in the receiving account.