A22. Transfers in timeSensor LEGAL
Transfers in Balance Accounts:
Select the account from which the transfer should be made, mark it as a ledger and make the modifications.
Follow these Steps to Temporarily Mark an Asset or Liability Account as Ledger:
- Go to the area "Special".
- Click on "Accounting", then select "Chart of Accounts".
- Select the account and double-click on it to open its settings. In the tab "Ledger", check the box "Serves as Ledger" and save your changes.
- In the area "Finances", under "Ledgers", you can now select the newly modified account and enter the transfers.
- Do not forget to uncheck the box "Serves as Ledger" once you're done.
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Transfers in Income Statement Accounts
It is advisable to create a new liability account just for this. The transfer will be done with two or more bookings through this account.
Follow these Steps to Make a Transfer
- Go to the area "Special".
- Click on "Accounting", then select "Chart of Accounts".
- Click on the "Plus" button to create a new account.
- Choose an account number (e.g. "2990") and a name (e.g. "Transfers") in the tab "Settings". Make sure the account type is "Liabilities".
- Check the box "Serves as Ledger" in the tab "Ledger".
- In the area "Finances", under "Ledgers", you can now select the newly created account and make the transfers.
Remember: "Entry" means and "Debit" and "Out" means "Credit"!
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