QUESTION:
When is Transfer Entries to be used?
RESPONSE:
The Transfer Entries module is used to:
- move funds from one Category to another to support other categories/programs, possibly due to shortage of funds
- move funds from a fundraising category to one or more categories
- transfer funds from a category to be inactivated at the end of the school year to one or more categories (either new or continued as active)
- When?
Should be executed prior to inactivating the category and before the fiscal year-end rollover
- When?
A Transfer affects the revenue and expense records.
All Transfers are automatically cleared on the system and will not appear during reconciliation.
Year-End reports will not include any Transfers.
Report 13 - Transfer Report can be generated at any time to view all Transfers.
Use Journal Entry Module for corrections (article link is noted at end of this article).
PROCESS:
Main Menu > General Activities > Transfer Entries
Transfer Money Within One Bank Account to Different Categories
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Step 1: Enter the Transfer information
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Transfer From Category: Administration (funds will be taken from this category)
Amount: 250.00
Reason: Assistance for Field Trips per P. Peterson
Transfer To Category: Field Trip #1 (funds will be added to this category)
Amount: 250.00
Step 2: Print Transfer information
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Figure 1: Print Options are Print Transfer and Print Transfer Notice
- Print Transfer Report lists all the transfers that are in process (prior to adding to Ledger)
- Print Transfer Notice Report provides a notice that may be provided to category 'stake-holders'.
Step 3: Add to Ledger
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Figure 2: Add To Ledger
Transfer Posted to General Ledger
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Figure 3: Ledger View
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Figure 4: Sample Warning Message if there are insufficient funds in a category.
Journal Entry Module is used for revenue and expense corrections
An Instruction Guide - Journal Entries