Transfers between accounts are very common; credit card bills, transfers to your savings account, funding your IRA, or simply switching banks, transfer transactions are everywhere.
Entering a transfer transaction is easy; simply enter the "other" account in the category field. In this example we're entering a credit card payment of $500 from a checking account, but the process is similar for most account transfers.
- Open the register of the checking account.
- Enter the desired date, description, memo, and other information. You may enter Xfr in the Check# field, but this is not necessary to enter a transfer transaction.
- Enter the transfer amount. A payment from the checking account will appear as a payment (reducing your debt) in the credit card account.
- Hit Enter to record the payment in your register, which will look like the image below.
Loan account transfers are slightly more complex due to principle/interest split; for details on working with loans please see Chapter 8 of the Moneydance user guide for more details.