Funds Transfer W/O Check?

[Cain]

I used a withdrawal slip to withdraw funds from one account then deposited them directly into another account using a deposit slip. No checks were involved. The first question is how do I record this in the system? I am using Peachtree Complete Release 8.0. The second question is if I need to transfer funds again in the future is this the best way? If not what is?

Thanks so much!

[dringstrom]

One approach is to post the transaction as a cash receipt, while entering the second cash account number in the GL Account field. This will debit the account that received the money, and credit the account that transferred the funds.

As to your method of using withdrawal slips, I don't see any particular issue. Checks serve as a good audit trail, but as long as you keep your receipts, then you still have a paper trail.

Hope this helps!

[Greg Lawrence]

This may not meet GAAP but when we transfer money from one account to another we do a General Journal entry, debit account receiving funds, credit account funds came out of.

[dringstrom]

There's nothing wrong with using a journal entry. I often suggest using the Cash Receipts method because some Peachtree users aren't comfortable with debits and credits. As long as the transaction is recorded in the general ledger in some fashion, the actual steps involved don't particularly matter.