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What is the best way to record a bank transfer in Match Bank Data?
Hello -
We have 3 accounts within the same bank, with live feeds into Netsuite. An Operating Account, a Payroll Account and an AR/Lockbox Account. The Lockbox account has automatic sweeps of funds received into the Operating Account. The Operating & Payroll accounts also have automatic sweeps when our payroll service provider pulls the funds for payroll from it. These sweeps are bank transfers.
What is the best way to record these transfers in the Match Bank Data section to reconcile the accounts? I don't believe these should be journal entries or charges/deposits as they are truly transfers in nature. Is it possible to match a debit on one account with the corresponding credit on the other account as a transfer?
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