Bank Transfers

Bank Transfers are used to simply move cash between your Bank Accounts, there is no profit and therefore no tax implications; all bank transfers use tax code T9 Not Rated. If you are paying for items on a personal credit card, the balance on your credit card account (which in Brightpearl is one of the bank accounts that you have set up) will need to be settled. When you actually make the payment from the company bank account to your personal card account, record the payment using a Bank Transfer.

To transfer money between accounts follow these steps:

1. Go to Accounting > Transfer Money.
2. Select the accounts to transfer from and to.
3. Enter the amount.
4. Enter some details about the transfer for future reference.
5. Click the Save button.

The transfer is made immediately, updating the nominal accounts. If you want to make this a regular transfer you can tick the Recurring Transaction checkbox and specify the frequency.

Repeat Transactions

Here's how you can create a repeat bank transfer:

1. Go to Accounting > Transfer Money and enter the details of your payment as usual (as above), using the date of the first payment.
2. Tick the checkbox to make this a recurring transaction.
3. The frequency options are displayed. Specify how often you will be making this transfer and how many times; count this entry as 1 so enter how many more you need.
4. Click the Enter bank transfer button.

If you selected the recurring checkbox the transaction will not be posted, instead it will be listed in the Repeat Transactions screen. This is where you will post each of the repeat transactions:

1. Go to Accounting > Repeat transactions.
2. Your due and overdue transactions are listed. You can use the filters at the top to view future transactions.
3. To make the transfer, tick the checkbox and click Post to accounts. You can also tick multiple items at once, this will still create a separate transaction per line selected.

The transaction is created immediately and no longer listed; it won't let you post anything twice.

Batch Bank Transfers

If you take regular, small credit card payments that are later transferred to your bank account from your credit card supplier, a Batch Bank Transfer can be used to deposit multiple values. Each sale should be allocated into the credit card sales account as set up in your Chart of Accounts. As the period progresses, the balance on the credit card sales account will increase. When the batch arrives in your bank account, use the following steps to transfer the relevant card values:

1. Go to Accounting > List Bank Accounts.
2. Hover your mouse over the credit card sales account and click Activity Report.
3. Use the filters to view transactions for the relevant date range.
4. Tick the checkbox for each row that falls within the batch dates; the total of selected rows will be shown at the bottom.
5. When the total matches the batch amount, choose to "Transfer balance to" your main bank account.
6. Enter a reference and the date that the batch appeared in your bank account.
7. Click the Create the transfer button.

Each individual transaction will be marked as transferred, and Brightpearl will create an automatic bank transfer from the credit card sales account into the bank account.