QUESTION:

 

How do you transfer funds from multiple accounts to a single account using Multi Fund Transfer Journal Entry?

 

PROCESS:

From JE’s > Transfers > Multi Fund Transfer

 

Use this journal entry to transfer funds from up to 6 accounts to a single account. *** 

This entry will correctly post the negative and positive transfer entries.

 

 

  1. Enter a Transaction Date.

    • The default is the current date, but this can be changed to reflect the actual posting date.

    • Date cannot be outside the current fiscal year. 

  2. Click on Transfer Type Multi-From.

  3. Enter the Reference (description) for this entry located in right corner of screen.

  4. Select the Take From Accounts from the drop down list. Up to 6 accounts may be selected. 

  5. Enter the Transfer Amount for each account as you select it. 

    • As the amount is entered for each account, the program is calculating the total Transfer Amount and quick filling the Transfer Amount for the Add To Account.  

  6. Select the Add To Account from the drop down list.

    • Confirm that the Transfer Amount shown for the Add To Account matches the total Transfer Amount from the Take From Accounts. 

  7. Enter the Take From Event Code, if applicable.

  8. Enter the Add To Event Code, If applicable.

  9. Enter the Take From Category, if applicable.

  10. Enter the Add To Category, if applicable.

  11. Click on the Preview button to display a proof sheet preview.

  12. 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 > Multi 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 a Single Account

 

How to Transfer Funds from a Single Account to Multiple Accounts   

 

How to Reprint a Journal Entry Proof Sheet