Can I set up a regular transfer between bank accounts?

Question asked by Paul Johnson 7 years ago

We have set up a regular budgeting plan for our tax and need to transfer a set amount regularly between our bank account and the HMRC tax account. I was hoping to create a new bank account titled HMRC and then set up a recurrent standing order payment to that account. Is there a way to do this automatically like you can for bills or must it be done manually each month?

1 Reply

Hi Paul,

You could set up a recurring journal to automate the transfer. First head to Settings>Organisation>Toggle Features and click on the Accounting tab - make sure recurring journals is enabled:

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Next head to Tools>Journals>Create recurring and fill in all the required details. Set the date to that of the next transfer date.

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