Fund balance setup
Posted: Tue Apr 20, 2021 1:12 am
So, I don't know if fund balances can work like this, but is it possible to set up one "master" fund balance, with a bunch of sub-fund balances?
Basically I'm trying to find a solution to some issues with restricted funds, hopefully my explanation makes sense.
We have restricted funds in Fund 02. We have a bunch of different restricted funds: building, missions, short-term missions, other designated funds (currently 4 different ones).
The problem is that the transfer account only closes to one account, currently "Missions". What I would like to do is have one main "restricted fund balance" and have all the different fund balances be sub-accounts under it, so then any money that is transferred into restricted funds, goes through the main, then flows into one of the sub-accounts (although I don't know how to write such a transaction) Alternatively, I thought maybe I could setup multiple transfer accounts within Fund 02, each closing to its respective fund balance?
Another issue with running all these different restricted funds inside one Fund 02 is the GST rebate. It is theoretically possible for all of these different restricted funds to incur GST expenses, so when a rebate is received, someone would have to find all the transactions within Fund 02 which incurred GST so that the rebate can be properly applied to the appropriate fund balance.
Basically I'm trying to find a solution to some issues with restricted funds, hopefully my explanation makes sense.
We have restricted funds in Fund 02. We have a bunch of different restricted funds: building, missions, short-term missions, other designated funds (currently 4 different ones).
The problem is that the transfer account only closes to one account, currently "Missions". What I would like to do is have one main "restricted fund balance" and have all the different fund balances be sub-accounts under it, so then any money that is transferred into restricted funds, goes through the main, then flows into one of the sub-accounts (although I don't know how to write such a transaction) Alternatively, I thought maybe I could setup multiple transfer accounts within Fund 02, each closing to its respective fund balance?
Another issue with running all these different restricted funds inside one Fund 02 is the GST rebate. It is theoretically possible for all of these different restricted funds to incur GST expenses, so when a rebate is received, someone would have to find all the transactions within Fund 02 which incurred GST so that the rebate can be properly applied to the appropriate fund balance.