neac wrote: ↑Sun Feb 07, 2021 11:32 am
Ah, I'm starting to understand.
I also need to set up the Transfer accounts since we've never used them.
Can I set the "Transfer from" in the 03 fund to close to the investment fund balance (I hope this is correct?)
If I remember right, transfer accounts should ALWAYS default to the net assets account in each Accounting Fund.
Normally if used transferring cash, it would be 3110-000. I you're going to be using this to transfer cash to operating, or vice versa, in which case you should always transfer from cash to cash, then from cash to the investment. This provides a direct audit trail.
You can create a cash asset in the investment Fund Account to 'hold' the cash during the transfer, then move it from cash to add to the investment. That would automatically update the net asset/fund balance accounts.
So if you transferred from checking in 01 to the 'cash account' in 03 it would look like this:
01-1110-000 Checking Account CR 750.00
01-9100-000 Transfer to Other Funds DB 750.00
03-1210-000 Cash Account DB 750.00
03-9200-000 Transfer from Other Funds CR 750.00
You'd then create a transaction to increase the investment:
03-1210-000 Cash Account CR 750.00
03-1851-000 Investment DB 750.00
The system then updates the proper net assets account.
As usual, I advise that the first time you do this, you do a backup so you can restore to previous in case it does not come out correctly.