Transfers

Overview

Transfers allow you to record a transfer of money from one account to another account within Prospects™. When a transfer is made, Prospects™ automatically creates a matching transaction in the destination account and links the two transactions so you can easily flip between them.

An outgoing transfer is indicated by the icon and an incoming transfer is indicated by the icon. These icons are displayed for all transfers by default, but you can turn them off in the preferences so they are only displayed when you have selected the transaction that is a transfer. Clicking on this icon will flip to the other side of the transfer. An example of two transfers is below:

Transfers in Prospects™ allow you to assign a category (or split the transaction for multiple categories) to a transfer. A different category can be assigned to each side of the transaction. This gives you more control in how you would like to track the transfers. For example, you may have multiple transfers into a savings account, but one may be for a down payment on a car, one may be for an extra mortgage payment, etc. Categories will allow you to track each of these as you transfer the money into the account.

When editing a transfer, Prospects™ will keep the Payee / Description, Num and Amount fields the same on both sides of the transfer. By default, Prospects™ will also keep the Date the same. However, this can be turned off in the preferences. This gives you greater control over the transfer process. For example, a transfer may be initiated in one account on a specific date, but may not post in the other account until three days later. By setting the preference to not keep the dates in sync, you can have each side of the transfer occur on different days as needed.

Creating a Transfer

To create a transfer, select the transaction in the table you would like to initiate as the transfer. (Note that is does not matter which side of the transfer you are initiating; Prospects™ will automatically determine if you are sending money out (payment) or in (deposit) based on the transaction amount.) You can also create transfers from within a split transaction.

In the category column, select the category drop down list and select Transfer... from the bottom of the menu. The list of available accounts will be displayed. Click the account to record the transfer of money to/from. Prospects™ will create a transaction in that account that matches the current transaction and then link the two as a transfer.

Deleting a Transfer

A transfer is deleted like any other transaction, except that the other side of the transfer is also deleted. This cannot be undone or prevented. If you need the other side to remain, you will need to recreate it before/after the transfer is deleted.

Deleting an account with transfers is a special case. The default is to automatically delete the associated transfers in any other account when an account is deleted. However, this can be turned off in the preferences so if you delete an account it will not delete the other side of the transfers. This is in place because it allows you to delete an account that you may no longer want to track in Prospects™ without impacting existing accounts.