Add IntraFund / InterFund Transfers
Print
Modified on: Wed, 22 Dec, 2021 at 1:24 PM
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
- Finance → Financial Management → Transfers Tab → Add Transfers → Intrafund
- Populate the appropriate fields accordingly. When complete, click Save.
- The Intrafund / Interfund Audit Trail Report generates. Review for accuracy.
- If correct, click Cancel and set your flags.
- You DO NOT have to run the Update Bank Reconciliation process report. Once the transfer is saved, the Bank Reconciliation module is automatically updated.
| FIELDS | Opt. | Rec. | Req. | Description |
|---|
| Journal ID | — | — | ♦ | Recommended for querying and reporting |
| Definition Type | — | — | ♦ | Usually defaults to your definition type |
| Fiscal Year | — | — | ♦ | The fiscal year in which the transfer will occur |
| Override Current Month | ♦ | — | — | If the default fiscal month is incorrect, set this flag to true to change the fiscal month |
| Fiscal Month | — | — | ♦ | The 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 Code | — | — | ♦ | The debit code of the destination bank that will have funds deposited |
| Credit Code | — | — | ♦ | The credit code of the originating bank that will have funds withdrawn |
| Transfer Date | — | — | ♦ | The 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 Number | ♦ | — | — | The transfer number of the transfer being recorded |
| Amount | — | — | ♦ | The amount of the transfer |
| Transfer Description | ♦ | — | — | An optional, unique description of the funds transfer |
| paper Clip Icon | ♦ | — | — | Clicking this icon will allow you to attach any documents to the funds transfer |
| Opt. = Optional Rec. = Recommended Req. = Required |
Add Interfund Transfers
- Finance → Financial Management → Transfers Tab → Add Transfers → Interfund
- Populate the appropriate fields accordingly. When complete, click Save.
- The Intrafund / Interfund Audit Trail Report generates. Review for accuracy.
- If correct, click Cancel and set your flags.
- You DO NOT have to run the Update Bank Reconciliation process report. Once the transfer is saved, the Bank Reconciliation module is automatically updated.
| FIELDS | Opt. | Rec. | Req. | Description |
| Receipt Journal ID | – | – | ♦ | Recommended for querying and reporting |
| Fiscal Year | – | – | ♦ | The fiscal year in which the transfer will occur |
| Override Current Month | ♦ | – | – | If the default fiscal month is incorrect, set this flag to true to change the fiscal month |
| Fiscal Month | – | – | ♦ | The fiscal month in which the transfer will occur |
| Destination Type | – | – | ♦ | If your organization has multiple destination types, choose the one where the funds are going |
| Originating Type | – | – | ♦ | If your organization has multiple originating types, choose the one where the funds are coming from |
| Select Destination Bank | – | – | ♦ | The bank ID in which the money will be transferred to |
| Select Originating Bank | – | – | ♦ | The bank ID in which the money will be transferred from |
| Load Cash Debit Code | – | – | ♦ | The debit code of the destination bank that will have funds deposited |
| Load DUE FROM Credit Code | – | – | ♦ | The 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 Code | – | – | ♦ | The credit code of the originating bank that will have funds withdrawn |
| Load DUE TO Debit Code | – | – | ♦ | The 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 Date | – | – | ♦ | The 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 Number | ♦ | – | – | The transfer number of the transfer being recorded |
| Amount | – | – | ♦ | The amount of the transfer |
| Transfer Description | ♦ | – | – | An optional, unique description of the funds transfer |
| Paper Clip Icon | ♦ | – | – | Clicking this icon will allow you to attach any documents to the funds transfer |
| Opt. = Optional Rec. = Recommended Req. = Required |
Did you find it helpful?
Yes
No
Send feedback Sorry we couldn't be helpful. Help us improve this article with your feedback.
