How to enter a transfer from one account to another
Use these instructions for posting a transfer from one account to another.
Special Note: Do not use the transfer funds entry for closing accounts at the end of the fiscal year. The End-of-Year process can handle this in the fiscal year closeout without having to transfer money from one account to another account by account. Refer to the link for End of Year Close Out for the instructions that will 'move' the balances from any account that should start the fiscal year with a zero balance.
NOTE--This process requires that you must use two accounts, one with a positive amount and one with a negative amount. Be sure to enter the negative sign since there is no automatic way for the system to know which of the two accounts in receiving money (a positive amount) and which one is losing money (the negative amount).
It is recommended that you turn on the Print Receipt option on the posting transaction setup box. This will print the information related to the accounts used and the amounts posted to each of these accounts. The principal would usually sign or initial this print out for documentation of approval of the transfer.
To post a transfer:
- Enter transaction type 50, verify the month and pay date.
- Transfer Funds will automatically be entered into the Vendor Ref field with TRA entered into the CkNo field.
- Click the Fund field to get the Funds Distribution window.
- It does not matter which of the two amounts is entered first--either the positive or the negative.
- For the positive entry, select the account and then click in the Distributions field and enter the amount, then enter a comment making note of the other account involved in this transfer.
- For the negative entry, select the account and then click in the small field to the immediate right of the account number. Use the dash as the negative sign, click in the Distributions field and then enter a reference to the other account in the comment field.
- Use the Total button at the bottom of the popup to verify that the total is $0.00 before moving on.
- Click OK on the total popup; then, click OK.
- Click the Save cell.
- Each of the two transactions for the accounts used in the transfer will then be displayed on the posting transaction screen provided the pay date falls in the date range used on the setup box.
