What This Process Does


  • IntraFund Transfers -- This process creates a deposit record for the Destination Bank and an electronic transfer record for the Originating bank in the Bank Reconciliation module, transferring funds from one bank account to another bank account in the same fund.
  • InterFund Transfers -- This process creates a deposit record for the Destination Bank and an electronic transfer record for the Originating bank in the Bank Reconciliation module, transferring funds from one bank account in one fund to another bank account in the another fund.
  • As explained above, there is no need to run the Update Bank Reconciliation process since the records are automatically created once the transfer has been saved.


Recommendation


  • Receipt Journal ID – We recommend you create a Receipt Journal ID for the bank transfers to facilitate querying and reporting.


Add Intrafund Transfers


  1. Finance → Financial Management → Transfers Tab → Add Transfers → Intrafund
  2. Populate the appropriate fields accordingly. When complete, click Save.
  3. The Intrafund / Interfund Audit Trail Report generates. Review for accuracy.
  4. If correct, click Cancel and set your flags.
  5. You DO NOT have to run the Update Bank Reconciliation process report. Once the transfer is saved, the Bank Reconciliation module is automatically updated.


FIELDSOpt.Rec.Req.Description
Journal IDRecommended for querying and reporting
Definition TypeUsually defaults to your definition type
Fiscal YearThe fiscal year in which the transfer will occur
Override Current MonthIf the default fiscal month is incorrect, set this flag to true to change the fiscal month
Fiscal MonthThe fiscal month in which the transfer will occur
Destination Bank ID (Debit)The Bank ID in which the money will be transferred to
Originating bank ID (Credit)The Bank ID in which the money will be transferred from
Debit CodeThe debit code of the destination bank that will have funds deposited
Credit CodeThe credit code of the originating bank that will have funds withdrawn
Transfer DateThe date in which the funds are transferred
Control / Deposit No.Similar to a receipt; any transfers that are on the same deposit slip should have the same Control/Deposit ID Number
Transfer NumberThe transfer number of the transfer being recorded
AmountThe amount of the transfer
Transfer DescriptionAn optional, unique description of the funds transfer
paper Clip IconClicking this icon will allow you to attach any documents to the funds transfer
Opt. = Optional  Rec. = Recommended  Req. = Required



Add Interfund Transfers


  1. Finance → Financial Management → Transfers Tab → Add Transfers → Interfund
  2. Populate the appropriate fields accordingly. When complete, click Save.
  3. The Intrafund / Interfund Audit Trail Report generates. Review for accuracy.
  4. If correct, click Cancel and set your flags.
  5. You DO NOT have to run the Update Bank Reconciliation process report. Once the transfer is saved, the Bank Reconciliation module is automatically updated.


FIELDSOpt.Rec.Req.Description
Receipt Journal IDRecommended for querying and reporting
Fiscal YearThe fiscal year in which the transfer will occur
Override Current MonthIf the default fiscal month is incorrect, set this flag to true to change the fiscal month
Fiscal MonthThe fiscal month in which the transfer will occur
Destination TypeIf your organization has multiple destination types, choose the one where the funds are going
Originating TypeIf your organization has multiple originating types, choose the one where the funds are coming from
Select Destination BankThe bank ID in which the money will be transferred to
Select Originating BankThe bank ID in which the money will be transferred from
Load Cash Debit CodeThe debit code of the destination bank that will have funds deposited
Load DUE FROM Credit CodeThe credit code that will offset the cash debit code on your general ledger; the Due From code represents an asset account that indicates the amount of deposits currently held in another account
Load Cash Credit CodeThe credit code of the originating bank that will have funds withdrawn
Load DUE TO Debit CodeThe debit code that will offset the cash credit code on your general ledger; the Due To code represents a liability account that indicates the amount of funds currently payable to another account
Transfer DateThe date in which the funds are transferred
Control/Deposit No.Similar to a receipt; any transfers that are on the same deposit slip should have the same Control/Deposit ID Number
Transfer NumberThe transfer number of the transfer being recorded
AmountThe amount of the transfer
Transfer DescriptionAn optional, unique description of the funds transfer
Paper Clip IconClicking this icon will allow you to attach any documents to the funds transfer
Opt. = Optional  Rec. = Recommended  Req. = Required