In NetSuite, the Transfer Funds feature is used to record the movement of money between two internal bank accounts, such as transferring funds from a checking account to a savings account. This functionality allows users to track inter-account transfers accurately, keeping bank balances and cash flow records up-to-date for better financial reporting and reconciliation.
Key Aspects of Transfer Funds:
- Source and Destination Accounts: Select the bank account you’re transferring funds from and the account to which the funds are going.
- Transfer Amount: Enter the amount of money being transferred.
- Date and Memo: Set the date of the transfer and optionally add a memo for reference.
- Transaction Record: Each transfer is recorded as a single transaction in NetSuite, updating the balances of both accounts in real-time.
The Transfer Funds feature streamlines the process of internal transfers, providing clear and organized records for easier financial management and bank reconciliations.