Workaround for Subsidiary Bank Transfers Using Clearing Accounts

Scenario

A user needs to transfer funds from a bank account to a different subsidiary.

Solution

Since the affected account is a Bank-type account, Enhancement #155077 – OneWorld: Allow Bank Transfers Between Subsidiaries applies.

If this enhancement is not available, you may use the alternate solution below.

Alternate Solution

1. Create a Clearing Account

1. Navigate to Lists > Accounting > Accounts > New.
2. Enter the following details:

• Name: Clearing Account
• Currency: Null
• Important: This must be set to null to allow use on transactions in any currency.
• Type: Other Current Asset
• General Rate Type: Current

1. Click Save.

2. Create a Journal Entry to Transfer Funds from the Old Bank Account to the Clearing Account

1. Navigate to Transactions > Financial > Make Journal Entries.
2. Complete the required fields on the Main subtab.
3. Enter the appropriate amounts and accounts in the Journal Line Items.
4. Click Save.

3. Create a Journal Entry to Transfer Funds from the Clearing Account to the New Bank Account

1. Navigate to Transactions > Financial > Make Journal Entries.
2. Complete the required fields on the Main subtab.
3. Enter the journal line items to move the funds from the clearing account to the destination bank account.
4. Click Save.