Transferring money from one contribution fund to another

[dl.rawlings]

Hi,
We had a BBQ fundraiser and tracked the money that was donated and collected in a designated Contribution fund. We paid any expenses from that fund and what's left is profit. We want to split that money, giving some to the Youth fund and some to the Building fund (both are existing contribution funds). How do I zero out the BBQ fund and transfer the money to the other 2 funds? Thank you.

[NeilZ]

Hi,
We had a BBQ fundraiser and tracked the money that was donated and collected in a designated Contribution fund. We paid any expenses from that fund and what's left is profit. We want to split that money, giving some to the Youth fund and some to the Building fund (both are existing contribution funds). How do I zero out the BBQ fund and transfer the money to the other 2 funds? Thank you.

Um .... I'm going to assume that you're paying out from Funds Accounting, right ?? If you have a temp restricted income account for that fundraiser in Funds Accounting, then you can transfer the funds from that account into others.

However, you should not be moving income within Contributions. If you could elaborate on how you 'paid expenses' it would help.

[dl.rawlings]

I released funds from a restricted account to pay for the meat, etc.

[NeilZ]

I released funds from a restricted account to pay for the meat, etc.

OK .. then this has nothing to do with Contributions. Its all in Fund Accounting. There you would just do a standard debit/credit transaction to move the funds to the proper income account for the other areas.

However, if they are separate ACCOUNTING Funds, then you would have to use the Transfer Accounts as noted in the manual, and in the built-in help (which is basically the manual)

[dl.rawlings]

Thank you for your help. Will I need to choose release the restricted funds on the transaction?

[NeilZ]

Thank you for your help. Will I need to choose release the restricted funds on the transaction?

That's a good question. If you're transferring within the same accounting fund, I don't think so as the equity account should be adjusted by the system.

To make sure:

1. Do a backup of the accounting files using Powerchurch backup utility
2. Enter the transaction, then post
3. Verify the funds were moved, and that the equity account attached to the restricted income was also properly adjusted.


FWIW ... I take a backup each time I have to do this type of action, so I have the ability to back out if its not correct the first time.