Automatic Transfers

[Sheilah]

I transfer the same amount of money at the beginning of each month from the General Fund into several other funds. Is it possible to set this up to transfer automatically. It is not a percentage of any contribution fund, so it cannot be accomplished through that od.

Thanks! Sheilah

[Zaphod]

You could probably fake it using an auto-repeating item in Accounts Payable. Instead of entering a payment transaction, you could set up the appropriate transfer transaction, then release it each month.

[melfairchild]

I would have thought that by now PC would do this automatically without someone having to remember.

[Zorak]

Fund Accounting now has repeating transactions as well, but they won't happen until you release them.

[JohnDMeyers]

We use the automatic transactions in Fund Accounting to move monthly money.

For example:

Moving money from the General Fund to Missions Fund, for example:

General Fund
DB 01-4010-000 move to missions fund
CR 01-1110-000 move to missions fund

Missions Fund
DB 02-1110-000 receive missions transfer
CR 02-4010-000 receive missions transfer

Because we use the same checking account for both funds, this works. The two transactions that affect the checking account "cancel out" each other in the reconciliation window.

I suppose you could use a transfer account such as 01-9010-000 instead of 01-4010-000.

Just make sure you have two transactions in each fund.