Which type of transaction should I create?
Which type of transaction should I create?
Use the following flowchart and questions to determine which transaction type you should use.
Transactions that Reference a Bank
Are you withdrawing money from a bank account or receiving money into a bank account?\
- To receive money into a bank account, use a Receipt.
- To remove money from a bank account, use a Disbursement. To print a check, use a Disbursement.
- To transfer money from one bank account to another, user a Bank Transfer.
Does this transaction involve a counterparty account?
- Yes - Create a disbursement (debit) or a receipt (credit) using either the Account or Scan method.
- No - To Create a bank-related transaction without referencing a counterparty account, create a transaction using the G/L# entry method.
No Bank Involved: General Journal Entries
To directly debit and credit two or more G/L numbers, use a General Jr Entry.