Setting up Transfer Accounts

[NorwalkUMC]

When setting up transfer accounts (2 for each Fund), these new accounts need to close to an Equity Account. Is one Equity account to be created for recording both transfers-to and transfers-out of each fund?

Example:
Acct 9010-000 Transfer to 01 Fund - closes to 3910-000 Fund 01 transfers
Acct 9510-000 Transfer from 01 Fund - closes to 3910-000 Fund 01 Transfers

Thanks,
DLK

[JohnDMeyers]

Depends on what you want to accomplish.

If you close to 3910-000 in both funds for both accounts in each fund, then you will be able to see the transfer activity in each account when you run a report per account. When you run a consolidated report, the transfers may cancel (if the total amount that leaves one fund appears in another fund).

If you simply close to the default equity account (3110-000) in each fund, the transfers will be less "noticeable" on your reports.

The way you are doing it, the transfers will be very "noticeable". That may be your intention.