WP Ever Accounting gives you an option to transfer money from one account to another. Even though the currencies can be different, WP Ever Accounting takes care of the conversions of the currencies. Provided that, the conversion of the currencies is completely dependent on the currency rates. Moreover, WP Ever Accounting helps you to keep records of all transfers for the respected accounts.
How to add Transfers
To add transfers, simply click on the Add New button. Similar to adding a new account, it will take you to a new page. Most importantly, it requires a minimum of two accounts to complete a transfer. One account acts as a sender and another is the receiver.
To add transfers successfully, you need to select an account in the ‘From Account’ field as a sender and another one in the ‘To Account’ field as a receiver account. Now, set a transferrable amount with a date. You can also select a payment method between ‘Bank Transfer’ and ‘Cash on Delivery’. You can also use a reference as a reliable source of information. To explain anything related to the transfer, you can use the description field.
Transfers Listing Fields
From the ‘Banking’, click on the ‘Transfers’ tab which will show you the list of transferred amounts from one account to another. The date of each transfer and the reference is also mentioned on the list. There’s another field ‘Action’ which you can use to edit or delete transfers separately.