Transfer using Control Account

Created by Wilfrida Okuku, Modified on Tue, 13 May at 10:52 AM by Wilfrida Okuku

STEP 1
Go to the sender’s savings account
Click on Withdraw
Enter the amount and value date
Under Payment Method, select Control Account Method
Select the appropriate Control Account GL
Click Submit

STEP 2
Then go to the receiving account
Click on Deposit (if it's a savings account) /Repayment (if it's a loan account)
Enter the amount and value date
Under Payment Method, select Control Account Method
Select the appropriate Control Account GL
Click Submit

the N/B: The amount channeled on the control account ledger will cancel out, leaving the deposit ledger <> portfolio ledger transaction