Speaker A
Welcome back to another Modisoft back office video. My name is Jonathan. Today we're going to be going over on how to transfer funds between one bank account to another in Modisoft.
Learn how to easily transfer funds between bank accounts using Modisoft's back office in just a few simple steps.
Key Takeaways
- Modisoft allows simple and quick fund transfers between bank accounts.
- Transfers require specifying dates, accounts, amount, and optional notes.
- The system automatically creates debit and credit entries for transparency.
- Users can verify transfers through the bank register section.
- The process is user-friendly and designed for efficient payroll transfers.
What the video covers
- Introduction to transferring funds between bank accounts in Modisoft back office.
- Navigate to the main menu, select bank, then transfer funds section.
- Enter the transfer date and posting date based on your bank statement.
- Select the source and destination bank accounts for the transfer.
- Input the transfer amount and optionally add notes for the transaction.
- Save the transfer to create corresponding debit and credit entries.
- Verify the transfer by checking the bank register for both accounts.
- Example given transferring $2,000 from Chase to Wells Fargo.
- Emphasis on ease and quickness of the transfer process.
- Encouragement to like, subscribe, and enable notifications for updates.
Full Transcript — Download SRT & Markdown
Speaker A
In order to transfer funds, you just need to go to the main menu, to the bank, and then you will see the transfer funds section here.
Speaker A
Once you open it up, it will take you to this page where you are able to make that transfer.
Speaker A
Now, in order to transfer, you just need to add the date that you are doing the transfer, the date that it has posted, so if you've already got it posted in your bank statement on a certain date, you want to add that date here.
Speaker A
So, choose the banks you're going to transfer it from, so for example here, let's say you're going to transfer from your Chase bank to your Wells Fargo's bank.
Speaker A
Enter Chase, Wells Fargo, put the amount, so let's just say you're going to transfer 2,000, and then you could put some optional notes like for the reasoning why you're going to transfer, for example, like you're going to pay your employees at this other location, so you just need to transfer the funds over, so you can just do.
Speaker A
And then just hit save, and once you do that, it's going to create the debit and credit in this grid here, so it'll show that it went, the deposit went to your Wells Fargo account and the payment came from the Chase account.
Speaker A
So, once you have done that, then you can basically go into your banking section and just verify that it did happen.
Speaker A
So, you can go to your bank, bank register, and then you'll see once you select the Chase bank, hit apply, you'll see that the payroll transfer from Wells Fargo came in for the $2,000.
Speaker A
And then if you were to go to the Wells Fargo account here, you will see that the adjustment came here, the deposit.
Speaker A
And just like that, it is that easy to make a payroll transfer, so if you ever need to do that, it's a couple clicks and it is done very easily. We hope that you found this guide useful and better understanding your Modisoft back office. Please like, subscribe, and click on the notification bell so that you will always be up to date on your Modisoft back office. Thank you and have a wonderful day.
Topics:Modisoftfund transferbank accountsback officetransfer fundspayroll transferbank registerfinancial managementaccounting softwaretutorial
