Transfer of funds between bank A to bank B in the same company

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Posted on by Gilbert Khayat

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Is there a way in AX to create a manual GL entry to transfer funds between two bank accounts (Bank A and Bank B) and the outcome is an EFT. this EFT will be sent to the bank to move the funds from bank A to bank B.

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Hi,

There is no out of the box feature for this but you can work with your bank to setup an electronic communication with them. We are sending everyday our deposit electronically and all our outgoing wires. You can use AIF for this. Your bank can provide you with the format they need to digest the information on their side and you can customize AX to automatically send the transfer when the journal is posted.

You might want to consider adding security and approval process to ensure the transfer is approved before going out.

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Gilbert Khayat 3,254 on at

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Thank you Caro for getting back to me. Customization would be my last resort. would it be possible to setup like a dummy customer with the bank account and just perform a regular payment journal and then issue the EFT for the physical bank?

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You can use the AP payment journal instead and generate the EFT from there. You will need to:

- Go to Cash and Bank management > Setup > Parameters

- On the General tab, mark the "Allow checks for bank or ledger accounts" check box

This will allow you to generate a bank to bank transfer in a payment journal without a vendor invoice.

Once this is setup:

- Go to Accounts Payable > Journals > Payment Journal

- Create a new journal and go to the lines

- Select the method of payment (to do first, this is a bug. If you don't select this first then you won't be able to...)

- Go to General tab and change account type from vendor to bank

- Select your bank account to the transfer the money to and select the offset bank account to transfer the money from

Then you should be good to post.

Let me know if this works for you :)

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Gilbert Khayat 3,254 on at

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Ok let me test it and report back

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Gilbert Khayat 3,254 on at

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It seems that I don't have to enable ""Allow checks for bank or ledger accounts" I was able to perform the same steps and generate the EFT from both AP and AR.

But the question here what is the difference in performing these steps for manual adjustment between Bank A and Bank B if it is done from AP vs AR. knowing that both of these banks are in the same company.

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If you are trying to generate a payment, I would suggest to execute the transfer from AP since it is a payable to another bank account but indeed it will give you the same result.

The main difference will be in your credit and debit.

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