Inter-accounts Transfers

Purpose: Docyt allows you to manage inter-account transfers within a management group, enabling or disabling the ability to move funds between bank accounts, employees, or vendors under the same group. This ensures greater flexibility and control over intra-group fund movement.

• Enabling or Disabling Inter-Account Transfers for a Management Group

  • 1. What Are Inter-Account Transfers?

  • 2. Step-by-Step Guide

    • 1. Enable Inter-Account Transfers

    • 2. How to Process Inter-Accounts Transfers?

      • A. Paying a Vendor

      • B. Reimbursing an Employee

      • C. Transferring Between Internal Bank Accounts

    • 3. Register for Inter-Account Transfers

Enabling or Disabling Inter-Account Transfers for a Management Group

1. What Are Inter-Account Transfers?

Inter-account transfers allow businesses under the same management group to seamlessly move funds between different business or accounts of those businesses using Docyt. These accounts can include:

1. Bank accounts/Internal business bank accounts listed under Financial Connections or All Transactions in the Business section

2. Vendor payables/Bank accounts linked to vendors

3. Employee reimbursements/Accounts linked to employees

Note : ACH should be active for both the accounts in order to initiate a transfer.

How It Works

By default, inter-account transfers are disabled for all new management groups or newly added bank accounts.

2. Step-by-Step Guide

1. Enable Inter-Account Transfers

To enable inter-account transfers for a management group:

1. Go to the “Business” module.

2. Navigate to Financial Accounts > All Accounts.

3. Click on the three dots menu (…) on the right side of the desired account.

4. Toggle the Inter-Account Transfer status:

   1. Green icon: Enabled

   2. Grey icon: Disabled

5. Click on Enable Inter-Account Transfer option from the drop down

6. A window will appear to fill in the bank details

7. Enter the bank details(last four digits of account) and click on save and send micro-deposits.

8. Fill in the micro-deposit amount to verify and click on ‘Verify Transaction’

9. The status icon change from grey to yellow, and hovering over it should display: "Deposit verification is pending to enable inter-account transfer."

10. Once the micro deposit is completed it will display a success message "Micro deposits have been successfully verified. Your bank account is now enabled for inter-account transfers."

11. Bank account status icon changes to green.

12. Users will only see accounts available for transfer if ‘Inter-Account Transfer’ is enabled for those accounts and for the listed primary account under payment method .

2. How to Process Inter-Accounts Transfers?

Here’s how the process works for various scenarios:

A. Paying a Vendor

1. Add the vendor invoice in ‘Docyt Expense > Bill Pay > Invoice Queue’.

2. After adding invoice go through the standard verification and approval process.

3. When ready to process the payment, select Mark as Paid

4. Choose the appropriate bank account for the transfer

5. Once marked as paid, navigate to Financial Accounts → All Accounts

6. Move the cursor upwards and click Transfer Funds at the top-right of the screen to initiate the fund movement

7. Inter account transfer should be active before this transfer is done.

B. Reimbursing an Employee

1. Submit an employee expense report (instead of a vendor invoice)through Expense > Expense Report

2. Add Expense report in the new window that opens by filling the details.

3. Follow the same steps as above, using Mark as Paid and Transfer Funds

C. Transferring Between Internal Bank Accounts

1. Navigate to Financial Accounts > All Accounts.

2. Click on the “Transfer Funds” tab located at the top-right corner.

3. A pop-up window will appear. Fill in the required transfer details:

   1. Source Account (from which funds are being transferred)

   2. Destination Account (to which funds are being sent)

   3. Amount and other relevant information

4. Click Transfer to complete the process.

   

Note : Once the transfer is initiated, Docyt automatically handles the accounting — including booking the transaction, matching, and applying the correct inter-company accounting treatment.

3. Register for Inter-Account Transfers

1. Navigate to Business > Financial Accounts > All Accounts.

2. Click on the "Inter-Account Transfer" tab in the left-hand panel.

3. Here, you can view a list of all transfers along with their current statuses.

4. If needed, you can also cancel a transfer, provided it’s still within the allowed cancellation window, directly from this tab.