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How to transfer funds in the software?
Posted: Fri Jan 22, 2021 3:44 pm
by philwells1
I am trying to document a transfer of bank funds that have been made at the bank. I thought it would be a simple swap of assets with a transaction within the Fund Accounting module. I posted it as:
03-1210-310 memorial fund asset credit
01-1110-000 general fund asset debit.
However, when I do this, I get the message "the debits and credits in each account fund do not balance."
I would have thought that it would be a simple swap of assets from one fund to another, taking from the memorial and moving to the general fund.
I'm sure there is a simple answer/solution to this. Thank anyone for your help.
Re: How to transfer funds in the software?
Posted: Fri Jan 22, 2021 5:17 pm
by NeilZ
philwells1 wrote: ↑Fri Jan 22, 2021 3:44 pm
I am trying to document a transfer of bank funds that have been made at the bank. I thought it would be a simple swap of assets with a transaction within the Fund Accounting module. I posted it as:
03-1210-310 memorial fund asset credit
01-1110-000 general fund asset debit.
However, when I do this, I get the message "the debits and credits in each account fund do not balance."
I would have thought that it would be a simple swap of assets from one fund to another, taking from the memorial and moving to the general fund.
I'm sure there is a simple answer/solution to this. Thank anyone for your help.
It is simple, but you have to do it using TRANSFER ACCOUNTS . There's a very good overview of these in the User Manual, and in the online help.
In the online help, do a search on Transfer Accounts. In the manual for v12 its on page 238, in the 11.5 manual its on page 230.
You have to have transfer accounts 'turned on' in the Accounts Setup, then use the
Simple Setup as shown in the manual. This is the simplest method to use.
Re: How to transfer funds in the software?
Posted: Wed Jan 27, 2021 10:28 am
by philwells1
Thanks for the help. I never understood the use of transfer accounts but it makes perfect sense now. Thanks...philw
Re: How to transfer funds in the software?
Posted: Wed Jan 27, 2021 12:27 pm
by philwells1
I went to the transfer portion of the manual and did the more involved setup for transfer accounts since we have 3 accounts that we transfer among. When I went to the transaction screen and input the information exactly as the last example shown. For one transfer, the transaction contains 4 lines: the 2 accounts and the transfer from and transfer to. When I attempt to save, it has the warning "this account uses accounts from more than one account fund...??continue. I am hesitant to go ahead when a message like that is shown. Should I do each transaction as 2 parts rather than combining the 4 on one transaction? or just go ahead as is? Thanks.
Re: How to transfer funds in the software?
Posted: Thu Jan 28, 2021 10:00 am
by NeilZ
philwells1 wrote: ↑Wed Jan 27, 2021 12:27 pm
I went to the transfer portion of the manual and did the more involved setup for transfer accounts since we have 3 accounts that we transfer among. When I went to the transaction screen and input the information exactly as the last example shown. For one transfer, the transaction contains 4 lines: the 2 accounts and the transfer from and transfer to. When I attempt to save, it has the warning "this account uses accounts from more than one account fund...??continue. I am hesitant to go ahead when a message like that is shown. Should I do each transaction as 2 parts rather than combining the 4 on one transaction? or just go ahead as is? Thanks.
No need, click on OK in this case. Normally seeing such a warning message means that you really shouldn't do that as you may have selected the wrong Fund's income or expense account, but in this case, you are intentionally moving funds between Accounting Funds, so its OK to bypass it.
Those examples would not have been given in the manual if they were not correct.
Re: How to transfer funds in the software?
Posted: Thu Jan 28, 2021 12:59 pm
by philwells1
Thanks. I understand and I figured the same since my transaction looked identical. I just always am hesitant with those warnings and once okayed sometimes it's a hassle to get them reversed. But I appreciate your help.
Re: How to transfer funds in the software?
Posted: Fri Jan 29, 2021 12:43 am
by NeilZ
philwells1 wrote: ↑Thu Jan 28, 2021 12:59 pm
Thanks. I understand and I figured the same since my transaction looked identical. I just always am hesitant with those warnings and once okayed sometimes it's a hassle to get them reversed. But I appreciate your help.
This is why I usually suggest that people do a backup of accounting before you try something new, this way you can always restore back to what it was previously.
Re: How to transfer funds in the software?
Posted: Fri Jan 29, 2021 1:33 pm
by philwells1
Thanks for all of your help and ideas. The funds have been transferred successfully.