Transfer Entries (Bank/Cash)

In Axanta, Transfer Entry refers to transactions involving cash and bank account. In other words, any entry which affects both cash and bank accounts is called a Transfer Entry.

To make the definition further simpler, any transactions involving a transfer of cash between one cash account to another or one cash account to another bank account or one bank account to another is called as a contra entry.

The following is the list of possibilities for Transfer Entries:

  • Cash account to Bank account

  • Bank account to Cash account

  • Bank account to Bank account

  • Cash account to Cash account

Below is the video demonstration to understand how to create a New Transfer Entry in Axanta ERP. 

 
 

Creating a new Transfer Entry

Go to Finance → Journals → Transfer Entries(Bank/Cash).

Below screenshot with details of Transfer Entry form.

Axanta CMS - a big picture
FieldsDescription
Document NumberTRANS/2021/0001 - Auto Generated Document Number
Payment TypeIt should always be Internal Transfer
Payment AmountSpecifying the amount to be transferred.
Payment JournalIt is the journal from where you want to transfer the amount. (Note: Journal is eventually linked to a Chart of Account and therefore will get accounted accordingly.)
Transfer toIt is the journal to which the amount will be transferred. (Note: Journal is eventually linked to a Chart of Account and therefore will get accounted accordingly.)
Payment DateTransaction date on which the payment has been made.
Check Number

Specify the check number if the payment is made through check. (Note: The check number won't appear in the statement. It's just an informative field. If you want the check number to appear in statement then use Memo field instead.)

Analytical AccountSelect the name of the analytical account to understand in which analytical account the transfer entry will be recorded.
MemoMemo field to be used as description or narration text. This text will appear in the Account Statements.
StatusTo understand if the entry is in the Draft, Posted, Reconciled or Cancelled Stage.
Toggle: Journal ItemsToggle button to show you the Journal entry posted against the transaction.

Accounting Impact of the Above Transaction

Info! Axanta uses an interim account 'Liquidity Transfer' as highlighted in the below screenshot. This account will carry zero balance as it will be knocked off automatically by system.
Axanta CMS - a big picture


Next Topics :

Journal Entries
->How to Cancel a Posted Transfer Entry
Supplier Payment