Transferring Funds Between Bank Accounts

NetSuite lets you make two types of bank transfers. You can transfer funds between two bank accounts with the same currency, or from a base currency account to a foreign currency account.

Note:

You can only transfer funds between bank accounts in the same subsidiary.

Important:

If the bank account currencies differ, one account must be in the base currency.

To enter a funds transfer:

  1. Go to Transactions > Bank > Transfer Funds.

  2. In the From Account field, select the source account containing the funds you want to transfer.

    The account balance and currency appear next to the From Account field.

  3. In the To Account field, select the target account to receive the funds.

    The account balance and currency appear next to the To Account field. The exchange rate between the two account currencies displays below.

  4. Select the posting period for the transfer.

    The period must be open.

  5. Accept or select the date in the Date field.

  6. In the top Amount field, enter the amount to transfer from the From Account, in that account's currency.

    The second Amount field displays the amount to be transferred into the To Account, after currency translation.

  7. Enter a memo if needed.

  8. Enter a department, class, or location if needed.

  9. Click Save.

The transfer is complete, and the bank account balances update automatically.

Related Topics

General Notices