Transfer funds in sub accounts
Posted: Thu Nov 19, 2020 12:14 pm
I need to transfer money from a Missions sub-account (05-4212-100) to another Missions sub-account (05-4219-100). How do I make this transfer?
You debit one, and credit the other. Very simple move of income amounts from one to the other:
You will enter the transaction under ACCOUNTING -> Funds Accounting -> Enter Transactions. The transaction will look like this;
05-4212-100 Mission1 Account DB 100.00
05-4219-100 Mission2 Account CR 100.00
The description will be the description your chart of accounts shows for that account. I would add an explanation of why the transaction was created in the NOTE field of the transaction for audit purposes.
Post this and you'll find the funds have been reallocated to where you want them.