Goldenseal Accounting Software Topics-- Electronic Funds Transfers

Electronic Transfers and Debits

How do I enter electronic transfers and automatic debits?

There are many types of non-check transactions that can appear on your bank statement. They may be called automatic debits, direct deposits, direct transfers, electronic transfers, electronic funds transfers (EFT), wire transfers or something similar.

Instant Purchases

When you buy something and pay for it with a transfer via PayPal, an automatic debit or some other system, follow these steps:

Choose Material Purchases from the Costs menu.
Click the New button, or click the template button to enter a repeated item.
Enter the vendor and a brief description of the item purchases (you can also use a breakdown to show multiple items).
Enter the job and cost category that you'll use for job costing.
Enter Checking Debit into the Payment Method field.
Enter a Checking account into the Details field.
Click the Enter key to save the record. Goldenseal will automatically deduct cash from the Checking account, and mark this item as paid.

Electronic Payments of Existing Expenses

If you already entered an expense and decide to pay for it with an electronic transfer, follow these steps:

Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
Click the New button.
Enter Payment into the Type field.
Enter the account to which you are paying the money.
Enter the amount.
Enter the type of transfer into the Conditions field.
If this payment covers a specific transaction, enter it into the Transaction Paid and Reference fields.
Click the Enter key to save the record. Goldenseal will automatically pay the funds.

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