QUESTION:
How do you transfer funds between Asset accounts?
PROCESS:
From JE’s > Transfers > Asset Transfer
Use this journal entry to transfer funds between asset accounts (Cash, Investments, CDs, or Petty Cash). This entry will correctly post the negative and positive transfer entries.
Enter a Transaction Date.
The default is the current date, but this can be changed to reflect the actual posting date.
The transaction date cannot be outside the current fiscal year.
Enter the Amount to be transferred.
Select the Take From Account from the drop down list.
The current Account Balance will display to the right of the selection box.
Select the Add to Account from the drop down list.
The current Account Balance will display to the right of the selection box.
Enter a Reference (description) for this entry.
Enter any Additional Comments/description for this JE not entered in the reference field. This information will print only on the proof sheet.
Click on the Preview button to display the proof sheet preview.
Verify – Is all the information correct on the JE proof sheet preview?
If Yes – click the Post and Generate Final Proof button.
If No – navigate back to JE’S > Transfers > Asset Transfer to clear the screen and start over.
When the final Journal Entry Proof Sheet displays, the JE is posted and the JE # is assigned.
Be sure to click on the printer icon to print the JE Proof Sheet for your records.
The JE Proof Sheet can be reprinted from the Review JE’s screen.
Note: This type of Journal Entry can NOT be voided through the Void JE screen. You must "reverse" this entry. You can do this 2 ways
1. Enter the same information and reverse the accounts.
2. Reenter the same exact entry, except enter the amount as a negative.
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