diff --git a/frontend/components/accountOverview.vue b/frontend/components/accountOverview.vue
index 042a32d..a07a7df 100644
--- a/frontend/components/accountOverview.vue
+++ b/frontend/components/accountOverview.vue
@@ -228,7 +228,7 @@
       aria-labelledby="transferMoneyModalLabel"
       aria-hidden="true"
     >
-      <div class="modal-dialog modal-sm">
+      <div class="modal-dialog">
         <div class="modal-content">
           <div class="modal-header">
             <h1
@@ -306,6 +306,19 @@
               </select>
             </div>
 
+            <div class="mb-3">
+              <label
+                for="transferMoneyModalDescription"
+                class="form-label"
+              >Description</label>
+              <input
+                id="transferMoneyModalDescription"
+                v-model.number="modals.createTransfer.description"
+                type="text"
+                class="form-control"
+              >
+            </div>
+
             <div class="mb-3">
               <label
                 for="transferMoneyModalAmount"
@@ -453,6 +466,7 @@ export default {
         createTransfer: {
           amount: 0,
           category: '',
+          description: '',
           from: '',
           to: '',
         },
@@ -550,6 +564,9 @@ export default {
       if (this.modals.createTransfer.category) {
         params.set('category', this.modals.createTransfer.category)
       }
+      if (this.modals.createTransfer.description) {
+        params.set('description', this.modals.createTransfer.description)
+      }
 
       return fetch(`/api/accounts/${this.modals.createTransfer.from}/transfer/${this.modals.createTransfer.to}?${params.toString()}`, {
         method: 'PUT',
diff --git a/pkg/api/account.go b/pkg/api/account.go
index aa952bd..2ea8279 100644
--- a/pkg/api/account.go
+++ b/pkg/api/account.go
@@ -54,7 +54,7 @@ func (a apiServer) handleCreateAccount(w http.ResponseWriter, r *http.Request) {
 			})
 
 		case database.AccountTypeCategory:
-			err = a.dbc.TransferMoney(database.UnallocatedMoney, acc.ID, payload.StartingBalance)
+			err = a.dbc.TransferMoney(database.UnallocatedMoney, acc.ID, payload.StartingBalance, "")
 
 		case database.AccountTypeTracking:
 			_, err = a.dbc.CreateTransaction(database.Transaction{
@@ -184,12 +184,12 @@ func (a apiServer) handleTransferMoney(w http.ResponseWriter, r *http.Request) {
 	}
 
 	if category == uuid.Nil {
-		if err = a.dbc.TransferMoney(from, to, amount); err != nil {
+		if err = a.dbc.TransferMoney(from, to, amount, r.URL.Query().Get("description")); err != nil {
 			a.errorResponse(w, err, "transferring money", http.StatusInternalServerError)
 			return
 		}
 	} else {
-		if err = a.dbc.TransferMoneyWithCategory(from, to, amount, category); err != nil {
+		if err = a.dbc.TransferMoneyWithCategory(from, to, amount, r.URL.Query().Get("description"), category); err != nil {
 			a.errorResponse(w, err, "transferring money", http.StatusInternalServerError)
 			return
 		}
diff --git a/pkg/database/database.go b/pkg/database/database.go
index 08ad640..bf4b92d 100644
--- a/pkg/database/database.go
+++ b/pkg/database/database.go
@@ -287,7 +287,7 @@ func (c *Client) MarkAccountReconciled(acc uuid.UUID) (err error) {
 // TransferMoney creates new Transactions for the given account
 // transfer. The account type of the from and to account must match
 // for this to work.
-func (c *Client) TransferMoney(from, to uuid.UUID, amount float64) (err error) {
+func (c *Client) TransferMoney(from, to uuid.UUID, amount float64, description string) (err error) {
 	var fromAcc, toAcc Account
 
 	if fromAcc, err = c.GetAccount(from); err != nil {
@@ -311,7 +311,8 @@ func (c *Client) TransferMoney(from, to uuid.UUID, amount float64) (err error) {
 		txs = []*Transaction{
 			{
 				Time:        time.Now().UTC(),
-				Description: fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Payee:       fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Description: description,
 				Amount:      -amount,
 				Account:     uuid.NullUUID{UUID: from, Valid: true},
 				Category:    uuid.NullUUID{},
@@ -320,7 +321,8 @@ func (c *Client) TransferMoney(from, to uuid.UUID, amount float64) (err error) {
 			},
 			{
 				Time:        time.Now().UTC(),
-				Description: fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Payee:       fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Description: description,
 				Amount:      amount,
 				Account:     uuid.NullUUID{UUID: to, Valid: true},
 				Category:    uuid.NullUUID{},
@@ -334,7 +336,8 @@ func (c *Client) TransferMoney(from, to uuid.UUID, amount float64) (err error) {
 		txs = []*Transaction{
 			{
 				Time:        time.Now().UTC(),
-				Description: fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Payee:       fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Description: description,
 				Amount:      -amount,
 				Account:     uuid.NullUUID{},
 				Category:    uuid.NullUUID{UUID: from, Valid: true},
@@ -343,7 +346,8 @@ func (c *Client) TransferMoney(from, to uuid.UUID, amount float64) (err error) {
 			},
 			{
 				Time:        time.Now().UTC(),
-				Description: fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Payee:       fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+				Description: description,
 				Amount:      amount,
 				Account:     uuid.NullUUID{},
 				Category:    uuid.NullUUID{UUID: to, Valid: true},
@@ -370,7 +374,7 @@ func (c *Client) TransferMoney(from, to uuid.UUID, amount float64) (err error) {
 
 // TransferMoneyWithCategory creates new Transactions for the given
 // account transfer. This is not possible for category type accounts.
-func (c *Client) TransferMoneyWithCategory(from, to uuid.UUID, amount float64, category uuid.UUID) (err error) {
+func (c *Client) TransferMoneyWithCategory(from, to uuid.UUID, amount float64, description string, category uuid.UUID) (err error) {
 	var fromAcc, toAcc Account
 
 	if fromAcc, err = c.GetAccount(from); err != nil {
@@ -390,7 +394,8 @@ func (c *Client) TransferMoneyWithCategory(from, to uuid.UUID, amount float64, c
 	if err = c.retryTx(func(tx *gorm.DB) (err error) {
 		fromTx := Transaction{
 			Time:        time.Now().UTC(),
-			Description: fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+			Payee:       fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+			Description: description,
 			Amount:      -amount,
 			Account:     uuid.NullUUID{UUID: from, Valid: true},
 			Category:    uuid.NullUUID{},
@@ -404,7 +409,8 @@ func (c *Client) TransferMoneyWithCategory(from, to uuid.UUID, amount float64, c
 
 		toTx := Transaction{
 			Time:        time.Now().UTC(),
-			Description: fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+			Payee:       fmt.Sprintf("Transfer: %s → %s", fromAcc.Name, toAcc.Name),
+			Description: description,
 			Amount:      amount,
 			Account:     uuid.NullUUID{UUID: to, Valid: true},
 			Category:    uuid.NullUUID{},
diff --git a/pkg/database/database_test.go b/pkg/database/database_test.go
index 75fb5bc..9901af3 100644
--- a/pkg/database/database_test.go
+++ b/pkg/database/database_test.go
@@ -94,7 +94,7 @@ func TestPairKeyRemoval(t *testing.T) {
 	testCheckAcctBal(t, bals, tb2.ID, 0)
 
 	// Transfer some money
-	require.NoError(t, dbc.TransferMoney(tb1.ID, tb2.ID, 500))
+	require.NoError(t, dbc.TransferMoney(tb1.ID, tb2.ID, 500, ""))
 	bals, err = dbc.ListAccountBalances(false)
 	require.NoError(t, err)
 	testCheckAcctBal(t, bals, tb1.ID, -500)
@@ -163,7 +163,7 @@ func TestTransactions(t *testing.T) {
 	testCheckAcctBal(t, bals, UnallocatedMoney, 1000)
 
 	// Lets redistribute the money
-	require.NoError(t, dbc.TransferMoney(UnallocatedMoney, tc.ID, 500))
+	require.NoError(t, dbc.TransferMoney(UnallocatedMoney, tc.ID, 500, ""))
 	bals, err = dbc.ListAccountBalances(false)
 	require.NoError(t, err)
 	testCheckAcctBal(t, bals, tb1.ID, 1000)
@@ -173,7 +173,7 @@ func TestTransactions(t *testing.T) {
 	testCheckAcctBal(t, bals, UnallocatedMoney, 500)
 
 	// Now transfer some money to another budget account
-	require.NoError(t, dbc.TransferMoney(tb1.ID, tb2.ID, 100))
+	require.NoError(t, dbc.TransferMoney(tb1.ID, tb2.ID, 100, ""))
 	bals, err = dbc.ListAccountBalances(false)
 	require.NoError(t, err)
 	testCheckAcctBal(t, bals, tb1.ID, 900)
@@ -183,7 +183,7 @@ func TestTransactions(t *testing.T) {
 	testCheckAcctBal(t, bals, UnallocatedMoney, 500)
 
 	// And some to a tracking account (needs category)
-	require.NoError(t, dbc.TransferMoneyWithCategory(tb1.ID, tt.ID, 100, tc.ID))
+	require.NoError(t, dbc.TransferMoneyWithCategory(tb1.ID, tt.ID, 100, "", tc.ID))
 	bals, err = dbc.ListAccountBalances(false)
 	require.NoError(t, err)
 	testCheckAcctBal(t, bals, tb1.ID, 800)