NTS FAQ - Transfer/Move Money Between Bank Accounts

There are two ways you can transfer money between bank accounts. These methods work for moving money between any two bank accounts, including checking, savings and CD's or money market accounts.

#1: Transfer Funds Electronically / by Phone

If you electronically transfer the money or go to the bank to remove the money from the account, use the following procedure.

1.) From the account you are removing the money from, post an a income adjustment for the amount of the transfer. Since you are removing money from the amount, you will enter a negative amount For example, you might type in "-1000.00". See the illusrtation below.

2.) Enter an income adjustment entry in the account you are moving the money into or you can just post a deposit using a regular deposit entry. Either transaction will work. See below for an example of an income adjustment. Use the same internal account as in the other income adjustment, unless you want to move the money into a different internal account. You might do this when moving money into a savings account and also into some sort of savings internal account for a rainy day or some other special purpose.

Remove Money from Account

Transaction to take money out checking account

Deposit Money into Account

Transaction to put money savings account

#2: Transfer Funds by Writing a Check

When writing a check to move money, you will treat the transaction as an In/Out transaction.

1.) Post the check to remove the money from the bank account.

2.) Enter an expense credit deposit into the account you are moving the money to. An example is below. Please note that the expense account on both the check and the deposit are the same. This is the key to this type of transaction. The expense account DOES NOT have to be In/Out, but it is certainly acceptable to use that account.

If you need further assistance with an expense credit deposit, please see How do I enter an In and Out transaction? for instructions.

Check to Take Money Out of Bank Account

Check Entry to transfer money to a different account

Deposit to Put Money into Other Bank Account

Deposit Entry to transfer money to a different account

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