Inter Bank Transfers
Use the Create Bank Account Transfers page to transfer funds between two internal bank accounts. This guide will provide detailed steps for transferring the funds from one internal bank account to another internal account in the Oracle Fusion Cash Management.
Click on the Navigator icon to access the Cash Management menu.
Select the “Cash Balances” submenu by expanding the Cash Management menu.
To transfer funds internally between bank accounts, select “Create Bank Account Transfer” from the task list.
Choose the recipient bank account in the To Account and the bank account to transfer the funds from in the From Account.
In the Transfer Date and Transfer Amount fields, please enter the date and amount of the transfer, respectively.
If the Bank Account is to be routed through payables enable the checkbox against the Settle transaction through Payments, and enter the other details such as Business unit, payment method, and Payment process file.
Click on the Submit button to proceed further.
Before the transfer is made, a summary of the transfer details is shown for confirmation. To make the transfer, click the Yes button.
Click on the “Manage Bank Account Transfers” from the task list to verify the Bank Account Transfers created.
After verifying the Bank Account transfer details, click on the Done button.
Select the “Bank Statements and Reconciliation” submenu by expanding the Cash Management menu after clicking the Navigator icon.
Click on the Manage Transaction from the task list to search external transactions created for Bank Account transfer.
Select the Origin as Bank Account Transfer from the list of values. and then click on the search button.
Click on the Pencil icon to open in the edit mode after selecting the external transaction.
The bank account setup sets the default combination for the cash account, and the intercompany setup sets the default combination for the offset account.
To close this form, click on the Save and Close button.
The procedure for initiating internal fund transfers between internal bank accounts has been exemplified in this guide, and it has also covered how to view the accounting entry for fund transfers.