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Transfers Between Funds (revisited)
Posted: Tue Jan 20, 2009 9:17 am
by visionnicaragua
Ver. 8.5 - I did my trial balance and it zeroed. However, because I did 2 transfers between funds w/o transfer accts. I show -/+ between funds. I understand I have to reverse the original transfers & re-enter using transfer accts. But can't I just go in contributions, enter my cash envelope, + one account & - one account to get the money where it belongs???
Posted: Thu Jan 22, 2009 9:21 pm
by Matt
To answer your question can you provide more details (e.g. report names, account numbers, fund numbers, debit/credit accounts used, dollar amounts, etc.) as to what you are seeing and what you are proposing to do?
Transfers Between Funds (revisited)
Posted: Thu Jan 22, 2009 10:02 pm
by visionnicaragua
FOR EXAMPLE: I MOVED $100 BY DEBITING 01-4001-000 AND CREDITING 02-4002-000. THIS LEFT A PLUS $100 IN ONE FUND AND A MINUS $100 IN ANOTHER, BUT RUNNING A CONSOLIDATED TRIAL BALANCE IT CAME OUT ZEROES BUT THESE TWO FUNDS WERE OFF $100 BETWEEN THE TWO +/-.
I WAS WONDERING WHY I COULDN'T GO IN CONSTRIBUTIONS, LOCATE MY CASH ENVELOPE, AND TAKE $100 OUT OF ONE ACCOUNT (-) AND ADD $100 TO THE OTHER ACCOUNT (+). THEN POST THE CONTRIBUTION TO FUND ACCOUNTING. THIS WOULD SHOW UP ON YOUR CHECK REGISTER AS $0, BUT IS THAT ALL THAT WOULD BE WEIRD ABOUT THIS ACTION. WOULD IT MESS WITH OTHER TOTALS. SEEMS LIKE THIS MIGHT BE EASIER THAN MESSING WITH TRANSFER ACCOUNTS, BUT I MIGHT NOT BE SEEING THE WHOLE PICTURE.
I HOPE THIS MIGHT BE CLEARER. I HAVE ALREADY REVERSED MY ORIGINAL ENTRY BUT I AM WAITING TO SEE WHICH WAY TO GO NEXT.
Posted: Fri Jan 23, 2009 11:07 am
by fbcacctg
Hi,
I believe I know the answer to why your funds are out of balance.
You debited account 01-4001-000. Your credit was 02-4002-000.
You need to have a debit AND a credit in the same fund. Therefore, you should debit account 01-4001-000 and credit another fund 01 account...probably your cash account.
Then make an entry to debit fund 02 cash account and credit account 02-4002-000. This should bring both funds to the proper balance.
If you are simply moving funds from one fund to another, then yes, you should use transfer accounts. But whenever you move money between funds, you need a debit and credit entry in each fund.
Hope this helps!