Create and update transfers

Record and update transfer transactions that represent the movement of your customer's money

Overview

Transfers are used to record the movement of money between two bank accounts. They represent transactions such as top-ups of debit card accounts, pay-downs of a credit card account, or a balance transfer to another credit card.

With Sync for Expenses, you need to create the transfer transactions first. Creating the transaction will initiate the sync to then reflect these in your customer's accounting software. Finally, once these transactions have been synced, you can upload attachments to associate receipts with the transaction. Attachments will only be associated with the from account.

This process is summarized on the diagram below.

Create transfers

To create a new transfer transaction in Codat, use the Create transfer transaction endpoint. You can also use this endpoint to update an existing transfer.

In the request URL, make sure that the transaction's id is unique as it serves as an idempotence key. Codat validates the id to ensure that it's unique to a company, preventing the creation of duplicate transactions in your SMB's accounting software.

Transfer transaction request body

{
  "Description": "Sample transfer description",
  "Date": "2024-02-14T00:00:00Z",
  "From": {
    "AccountRef": {
      "Id": "a6980b6f-29dc-4c28-9596-f6c75e29f3b6"
    },
    "Amount": 1000.00
  },
  "To": {
    "AccountRef": {
      "Id": "a352b2f9-d47c-46ee-9561-731c6acff930"
    },
    "Amount": 1000.00
  }
}

Currency rate

We infer the currencyRate of the transfer transaction from the 'from.Amount' and 'to.Amount' values.

Update transfers

In some cases, your customer may want to update an transfer transaction that was previously synced to their accounting software. Use the same Create transfer transaction endpoint to edit the following parameters and reflect the change in the SMB's accounting software:

• From amount
• To amount
• Date

Multicurrency transfer transactions

Sync for Expenses validates each transfer transaction involving foreign currency. We ensure that the combination of participating currencies will be accepted by the target accounting software as a valid expense. You can read more about transfers in foreign currency and platform support for different expense types.

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Read next

• Sync the expenses to reflect the spend in the accounting software and monitor the progress of the synchronization.