How do I show money moving from one bank account to another (transfers)?

One area that Xero users do get stumped with, is how to reconcile transfers of money going from one bank account to another bank account. In Xero there is a tab in the reconcile screen called "transfer". This allows you to transfer that money to the other business account.

Note - this is only to be used if the other account you're transferring money to is in Xero.

QUICK TIP: If you're transferring money from one account to another often, such as paying off a loan, Xero have recently released the transfer rule function just like bank rules.

If you have any questions please contact your RightWay accountant, email info@rightway.co.nz or call 0800 555 024