There is a function in Phoenix to move funds from one account to another. Only one side of the transaction needs to be entered, Phoenix completes the other side. There are many cases where a transfer would be used. Here are some examples.
|
Loan Repayment |
Transfer from cheque account to loan account. |
|
Investment |
Transfer from cheque account to investment account |
|
Purchase of plant |
Transfer from cheque account to Asset account |
|
Sale of livestock |
Transfer to cheque account from livestock account |
|
Credit card payment |
Transfer from cheque account to credit card account |
|
Payment from debtor |
Transfer from debtor to cheque account |
|
Refund to customer accounts |
Transfer from cheque account to the customer account |
|
Refund from supplier account |
Transfer from the supplier account to the cheque account |
Phoenix can apply these transfers in two ways:
Where the amounts would not need to be reported as cashflow, they should be entered as an Account transfers. An example of this would be transfers to investment accounts or payments to credit cards. GST is not calculated on direct transfer transactions and therefore is NOT included in the GST Control Account.
A linked entry should be used whenever the funds moved or converted should appear on a cashflow report. This would be the case for livestock or commodity transactions. In a linked transaction entry GST is calculated and included in the GST Control Account as normal.
