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Transferring Money Between Funds
Posted: Tue Nov 14, 2023 12:17 pm
by tfitch
Hello,
I am still new to this position and a little confused on how I would write a journal entry to transfer from two fund accounts to another fund.
I would like to decrease the Operating Fund bank account by $67.86 and the Specific Use Fund bank account by $2,14. The funds, $70, would be transferred to our Memorials Fund bank account. I would also physically transfer the funds.
I found a section in a book that talks about Working With Transfer Accounts, but I have not been able to get that to work. Maybe I'm just not understanding.
Shouldn't this work?
Account Description Dr. Cr.
01-9100-000 Transfer from Operating $67.86
01-1110-000 Operating Bank $67.86
07-1310-007 Memorials Bank $67.86
07-9700-000 Transfer to Memorials $67.86
05-9500-000 Transfer from Specific Use $2.14
05-1110-005 Specific Use Bank $2.14
07-1310-007 Memorials Bank $2.14
07-9700-000 Transfer to Memorials $2.14
Thank you,
Maurice
Re: Transferring Money Between Funds
Posted: Tue Nov 14, 2023 4:45 pm
by NeilZ
mshallow wrote: ↑Tue Nov 14, 2023 12:17 pm
Hello,
I am still new to this position and a little confused on how I would write a journal entry to transfer from two fund accounts to another fund.
I would like to decrease the Operating Fund bank account by $67.86 and the Specific Use Fund bank account by $2,14. The funds, $70, would be transferred to our Memorials Fund bank account. I would also physically transfer the funds.
I found a section in a book that talks about Working With Transfer Accounts, but I have not been able to get that to work. Maybe I'm just not understanding.
Shouldn't this work?
Account Description Dr. Cr.
01-9100-000 Transfer from Operating $67.86
01-1110-000 Operating Bank $67.86
07-1310-007 Memorials Bank $67.86
07-9700-000 Transfer to Memorials $67.86
05-9500-000 Transfer from Specific Use $2.14
05-1110-005 Specific Use Bank $2.14
07-1310-007 Memorials Bank $2.14
07-9700-000 Transfer to Memorials $2.14
Thank you,
Maurice
First - do you have Transfer Accounts turned on under Accounting Setup Options, and do you have the accounts created in the Chart of Accounts, and are they in all the Fund Accounts. I would also use the account numbers as used in the
SIMPLE SETUP to transfer as these appear to be very simple transfers without any special 'handling' needed.
Second - Its far better to create TWO separate transactions to move the funds, one for the 01 Fund Account and one from the 05 account. From the looks of what you have above, you do that, but to be specific. Also notice how I keep the CREDIT lines together, you can also do it keeping the DEBIT lines together as shown in the User Guide.
The issue is that I suspect that the 1110 checking account uses a different Net Assets Account (3000 series) account than the 1310 account. I would do an Accounting Fund backup, then try moving it this way using 3 separate transactions. The first two moves within the Net Assets Account used by the checking. The last moves the funds between the Checking net assets, to the (I'm guessing) savings net assets.
So the first transaction would look like this (which is described in the User Guide):
Code: Select all
Transaction 1:
01-1110-000 Checking Account CR 67.86
01-9100-000 Transfer to Other Funds DB 67.86
07-1110-007 Checking Acct DB 67.86
07-9200-000 Transfer FROM CR 67.86
Transaction 2:
05-1110-005 Checking Account CR 2.14
05-9100-000 Transfer to Other Funds DB 2.14
07-1110-007 Checking Account DB 2.14
07-9200-000 Transfer FROM Cr 2.14
Transaction 3:
07-1110-007 Checking CR 70.00
07-1310-007 Memorials Bank DB 70.00
Do you follow?
Re: Transferring Money Between Funds
Posted: Tue Nov 21, 2023 11:23 am
by tfitch
NeilZ,
Thank you for responding! Transfer Accounts is turned on.
I will try and follow what you have suggested and get back to you!
THANK YOU!
Maurice