Demo video: Account Automatic Transfer
What It Does
This module allows accountants to have accounting entries (a.k.a journal entries) generated automatically and periodically
to transfer or allocate part or all of the balances of one or more accounts with no effort based on user-defined transfer models.
Key Features
Build Transfer Models
Users can define models where the system performs transfer operations, including:
- Setting periodic transfer cycles: monthly, quarterly, annually.
- Configuring journal entries to record transfer operations.
- Defining source and target accounts with constraints on accounts, allocation percentages, partners, and analytic accounts.
Once the transfer model is defined, the system will automatically generate transfer journal entries at the specified time intervals.
Users can track these transfer entries, for example, by identifying the origins or destinations of specific entries.
Periodic Actions for Defined Models
The system enables users to set up periodic actions to automate the balance transfer process based on predefined models.
This feature is particularly useful for handling large datasets, where manual operations may consume significant time and resources.
It reduces system load, ensures optimal performance, and provides a seamless user experience.
Quick Example
Assumption Model:
| Source Lines |
Destination Line |
| Src. Line 1 (account1, account2) |
Dest. Line 1 (account10, 10%) |
| Src. Line 2 (account3) |
Dest. Line 2 (account20, 20%) |
The account move lines that match the each account1 of the Src. Line 1 will be allocated to the account10
of the Dest. Line 1 and the account20 of the Dest line 2 by corresponding percentage defined by each dest. line:
- new journal item for the account10 to indicate 10% balance of the account1 will be transferred to account10
- new journal item for the account20 to indicate 20% balance of the account1 will be transferred to account20
- new journal item for account1 to indicate -30% transfer of account1
The account move lines that match the each account2 of the Src. Line 1 will be allocated to the account10
of the Dest. Line 1 and the account20 of the Dest line 2 by corresponding percentage defined by each dest. line:
- new journal item for the account10 to indicate 10% balance of the account2 will be transferred to account10
- new journal item for the account20 to indicate 20% balance of the account2 will be transferred to account20
- new journal item for account2 to indicate -30% transfer of account2
The account move lines that match the each account3 of the Src. Line 1 will be allocated to the account10
of the Dest. Line 1 and the account20 of the Dest line 2 by corresponding percentage defined by each dest. line:
- new journal item for the account10 to indicate 10% balance of the account3 will be transferred to account10
- new journal item for the account20 to indicate 20% balance of the account3 will be transferred to account20
- new journal item for account3 to indicate -30% transfer of account3
In summary
- 30% account1 balance -> account10 and account20 (by 10% and 20%)
- 30% account2 balance -> account10 and account20 (by 10% and 20%)
- 30% account3 balance -> account10 and account20 (by 10% and 20%)
Business Value
- Saves Time and Reduces Errors Automates complex and repetitive journal entries, minimizing accounting errors.
- Simplifies Accounting Processes Users only need to define the model once and manage it, eliminating the need for complicated manual operations.
- Optimizes Resources Automation reduces reliance on low-value manual efforts, allowing businesses to focus on system development, validation, and operations.
Who Should Use This Module?
Transfer operations are an essential requirement in every company’s accounting process.
This module is suitable for any business looking to automate processes, improve accounting efficiency, minimize errors, and optimize financial management.
Editions Supported
- Community Edition
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