QUESTION:
How do you transfer funds from a single account to another single account using a Fund Transfer Journal Entry?
PROCESS:
From JE’s > Transfers > Fund Transfer
Use this journal entry to transfer funds from a single account to another single account. *** 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.
Select an Event Code, if applicable.
Select a Category, if applicable.
The current Account Balance will display to the right of the selection box.
Select the Add to Account from the drop down list.
Select an Event Code, if applicable.
Select a Category, if applicable.
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 a 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 > Fund Transfer to clear the screen and start over.
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.
*** Related Articles
How to Transfer Funds from a Single Account to Multiple Accounts
How to Transfer Funds from Multiple Accounts to a Single Account
How to Reprint a Journal Entry Proof Sheet