New Feature : Inter-Account 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?

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

1. Bank accounts

2. Vendor payables

3. Employee reimbursements

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 the 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 the account) and click on save and send micro-deposits.

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

 

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

2. 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." 

   
   
   
3. Bank account status icon changes to green.

2. Transfer Funds Between Accounts

To initiate a fund transfer:

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.

 

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

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