Lesson 4 of 4 · 2 min

Moving money between your own accounts

Cash banked, a wallet topped up, the card machine's takings paid out: a transfer, not income or a cost.

  1. Money moving between your own accounts, like the week's cash taken to the bank, isn't income or an expense: it's the same money in a different place. That's a transfer.
  2. Record it with Move money, in Banking: From, To, the Amount and the Date, and a Reference such as the deposit slip. Use it for the ATM too (bank to cash), topping up the wallet (bank to wallet), and the card machine's takings landing in the bank.
  3. One account goes up, the other comes down by the same. Your profit doesn't move, and the cash flow report doesn't count it as money in or out.

Try it

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Move money

Quick check

One quick question. Pick an answer and Leo will tell you how you did.

1. You bank Rs 150,000 of the week's cash. What does it do to your profit?

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