I am in a position where I have built up a small surplus of cash in my reserve account. In the high street bank, this is actually earning zero interest. I intend to set up a regular monthly transfer to a different bank (offering a reasonable rate of interest). I need to be sure what entries I would must do in quickfile to reflect this movement of cash - one leg must be Credit the reserve account (to reduce the balance), but not sure about the Debit leg. Could anyone possibly help here? thank you.
If both bank accounts are in your name you can just set the new account up in Quick File as a new “General Bank Account”. You can then just enter any movements into the original reserve account and tag them as a bank transfer to the new account, as and when needed.