How to Use External Transfer Tool
You can simplify the process of managing financial transactions executed between you and your friends or family members who are users of InEx Finance software. The External Transfer tool helps you record and keep track of money sent/received within InEx Finance system. Conceptually this is similar to how PayPal works, except for one fundamental detail: PayPal operates with your real money (i.e., payment platform), InEx Finance operates with the data relating to your financial operations (i.e., accounting platform). The following example describes the application of External Transfer tool while sending/receiving money within InEx system.
Your brother John has registered in the InEx Finance system under the email address firstname.lastname@example.org. He's currently hard up for money and you decide to give him $200. This is how you record such operation in your InEx account:
Step 1 - You create an External Connection with your brother's account
- Access your account Settings and click on External Connections link.
- Click on “Add External Connection” button.
- Enter your brother's email address in the InEx system (“email@example.com”) and click on Create button.
- The new External Connection will be marked as “Awaiting requested user's confirmation” until your brother authorizes it.
- You will be notified through your InEx Messages when your brother confirms the new External Connection request.
Step 2 – You add an External Transfer Transaction
- Access Transactions tool from the top menu and click on Add External Transfer from Transactions drop-down list.
- In “External connection” field, select the external InEx user whom you want to send money to (for instance, “John (firstname.lastname@example.org)”).
- Choose the corresponding Resource from the list (for instance, “Cash”).
- Select the Date of your External Transfer from the flash calendar.
- Enter the Expense amount and Currency (for instance, “200” and “USD”).
- Optionally, you may enter some Tags and write a short Comment.
- When done, click on Create button to add your new External Transfer Transaction.
The External Connection works both ways: you can send money to or receive money from the user whom the External Connection has been successfully established with, regardless of who actually initiated the procedure. If John wants to send you money, then you will be notified about the incoming External Transfer through your InEx Messages. Moreover the new External Transfer will be posted to your Transactions.
If you need to find all External Transfer Transactions quickly, you can use the Table Report “Category Turnover” located on the Reports page. Since External Transfer is a system Category, it's easy to track such operations namely by their Category name. Choose the date range, select “External Transfer” in the Category field and click on Filter button.