Bank transfers are used to record the movement of funds between your bank accounts (and credit cards) in Brightpearl.
Examples of when to use a bank transfer:
- Paying a business credit card
The credit card should be set up as a bank account in Brightpearl. When a payment is made on the credit card from your main bank account you will use a bank transfer to move the balance from the main bank account to the credit card in Brightpearl.
Learn more about credit cards here.
- Depositing cash till takings into your bank
Tills are setup as bank accounts in Brightpearl. When you cash up the till and deposit the money into your bank account you will use a bank transfer to move the balance from the till nominal code to your main bank account nominal code in Brightpearl.
- Deposits made by Amazon
You will probably have a bank account set up for use with your Amazon channel where each individual order payment is recorded. Every 2 weeks Amazon automatically deposit your takings into your bank account. You will probably want to reconcile your Amazon account and do the same in Brightpearl as well.
How to transfer money between bank accounts
- Go to Accounting > Transfer Money
- Select the bank account to transfer from and to
- If one of the accounts is a foreign currency account, you will also see a box to edit an exchange rate
- Enter the amount.
- Enter some details about the transfer for future reference
- Click the Save button
An accounting journal is created and the bank account balances in Brightpearl are updated.
Batch bank transfers
A batch bank transfer can be used where multiple values were entered into one account, the balance of which then needs to be deposited into another account.
For example, you may take regular, small credit card payments that are accumulated and later transferred to your bank account from your credit card supplier. 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 credit card supplier deposits the balance of all the transactions into your main bank account you can use a batch transfer to select all the credit card transactions for the period and move the balance into your main bank account in Brightpearl.
How to do a batch bank transfer
- Go to Accounting > List Bank Accounts
- Locate the bank account from which the items are to be transferred from and click Bank Activity
- Use the filters to view transactions for the relevant date range
- Mark the checkbox for each item to be transferred; the total of selected rows will be shown at the top and must match the balance actually transferred
- Click the Create a batch transfer button
- Select the bank account to transfer the balance into and enter a reference
- Enter the date the items were actually transferred into the account
- Click the Create bank transfer button
The total balance of the selected items is entered into the receiving bank account.
Note: Each individual transaction will remain visible on the originating bank account but will be marked as transferred with an icon in the withdrawal column. Hover over this icon to view the date and time the transfer was performed.