Spend Money, Receive Money, Transfer Money
These functions allow you to quickly input into DEAR money entering and leaving your bank accounts. You will have to reconcile your bank statements with each transaction in DEAR. See here for more information on bank reconciliation.
Prerequisites:
- Set up Chart of Accounts and Bank Accounts (necessary)
Spend Money
Use Spend Money in DEAR to quickly enter transactions for money going out of your organisation's bank account. A Spend Money transaction can be created from the Spend Money function or directly from the bank account.
To create a Spend Money transaction (1):
- Go to Financials -> Bank Accounts.
- Click the name of the bank account you're spending money from.
- Click Spend Money when prompted.
- Enter information into the Spend Money fields.
- Click Complete.
OR
To create a Spend Money transaction (2):
- Go to Financials -> New -> Spend Money
- Choose the Bank Account to spend money from the dropdown menu
- Enter the Date, Tax Status and optional Reference
- Click the + or Add more items button to enter a new transaction
- Enter information into the Line fields.
- Click Complete.
Spend Money fields explained
This section provides guidance and tips on the Spend Money fields. Not all fields are compulsory.
- To
Enter the name of the supplier you're paying. To quickly add a new contact select Add new Supplier in the “To” drop down.
- Date
This will default to today's date. You can change this.
- Reference
This field is optional.
Choose a reference to suit your organisation.
- Tax Inclusive/ Tax Exclusive
Select how you would like sales tax to appear in your Spend Money transaction.
If your Spend Money transaction has tax component, tick the check box for Tax Inclusive or leave unchecked for Tax Exclusive. The only difference between these two options is whether your Spend Money transaction lines and subtotal include or exclude sales tax. Both options calculate the same sales tax amount.
- Product
This field is mandatory.
Select an inventory or service item if you have set up for your organisation.
- Comment
This field is optional.
Enter as much text as you'd like to describe what your Spend Money transaction is for.
- Qty
Enter the quantity of items you've bought. Leave this field as 1.00 if your Spend Money transaction is for only one item such as bank fees.
- Unit Price
You can enter positive, negative or zero amounts but the overall Spend Money transaction can't be negative.
- Account
Select the account (from your Chart of Accounts) you would like your Spend Money transaction coded to.
- Tax Rate
Select tax rate applicable to the transaction.
Receive Money
Use Receive Money in DEAR to quickly enter transactions for money going in to your organisation's bank account.
Creating Receive Money transactions from the Account Transactions tab is the quickest way to create multiple Receive Money transactions at one time.
To create a Receive Money transaction (1):
- Go to Financials -> Bank Accounts.
- Click on the name of the bank account you're receiving money in.
- Select Receive Money when prompted
- Enter information into the Receive Money fields.
- Click Complete.
OR
To create a Receive Money transaction (2):
- Go to Financials -> New -> Receive Money
- Choose the Bank Account to receive money from the dropdown menu
- Enter the Date, Tax Status and optional Reference
- Click the + or Add more items to enter a new transaction
- Enter information into the fields.
- Click Complete.
Receive Money fields explained
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This section provides guidance and tips on the Receive Money fields. Not all fields are compulsory
.
- From
Enter the name of the customer who has paid you. If it is a new customer click the Add new Customer in the drop down do add them to your customer list in DEAR.
- Reference
This field is mandatory.
Choose a reference to suit your organisation.
- Date
This will default to today's date. You can change this.
- Tax Inclusive/ Tax Exclusive
Select how you would like sales tax to appear in your Receive Money transaction.
If your Receive Money transaction has sales tax, tick the check box for Tax Inclusive or leave unchecked for Tax Exclusive. The only difference between these two options is whether your Receive Money transaction lines and subtotal include or exclude sales tax. Both options calculate the same sales tax amount.
- Product
This field is mandatory.
Select an inventory or service item if you have set up for your organisation.
- Comment
This field is optional.
Enter as much text as you'd like to describe what your Receive Money transaction is for.
- Qty
Enter the quantity of items you've bought. Leave this field as 1.00 if your Receive Money transaction is for only one item such as interest income.
- Price
You can enter positive, negative or zero amounts but the overall Receive Money transaction can't be negative.
- Discount
You can enter a discount percentage to be applied to the total line item.
- Tax Rate
Select tax rule applicable to the transaction.
- Account
Select the account (from your Chart of Accounts) you would like your Receive Money transaction coded to.
If you have set up a default sales account for your customer, DEAR automatically fills in this field for you.
Select Add new account to create a new account.
Transfer Money
Use Transfer Money in DEAR to quickly enter transfers between two bank accounts. You don't need to create a transaction in the second bank account - this is done automatically. But you'll need to reconcile it with its matching bank statement line.
To create a Transfer:
- Go to Financials -> New -> Transfer Money.
- Enter your bank transfer details.
- (Optional) Add attachments
- Click Complete.
You don't need to create a transaction in the second bank account - this done automatically. But you'll need to reconcile it with its matching bank statement line.