Recurring Transfers
Recurring Transfers
Bank transfers may also be set up as recurring.
Creating a Recurring Bank Transfer
Select Banking > Recurring Transfers. If you are using universal navigation, click Accounting > Banking > Recurring Transfers.
Search for and select the desired association.
Click New.
On the Recurring Transfer Setup screen, complete the following:
Start Date: Enter the start date for the transfer.
End Date: Enter the end date for the transfer.
Frequency: Select Monthly or Quarterly.
Transfer Day: Select the day of the month on which the transfer should occur.
From Account: Select the account from which to transfer.
Allow Overdraft: Toggle on if overdraft is allowed.
To Account: Select the account to which to transfer funds.
Amount: Enter the transfer amount.
Transfer GL Description: Enter a transfer description. The default is Funds Transfer.
In the Additional Journal Entries section, enter the additional GL account credits and debits if the reserve accounts are listed on separate financials.
Click Save.
Auto-approving Bank Transfers up to a Certain Amount:
Select System > Company Profile. If you are using universal navigation, click Settings > General > Company Profile.
Click the Setting tab.
Enter an amount in the Recurring Transfer Auto Approve field.
Click Save.
NOTE: If transfers are set to auto-approve, they do not need to be posted on the Pending Transfers screen.