QUESTION:

 

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

 

PROCESS:

From JE’s > Transfers > Multi Fund Transfer

 

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

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-To. 

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

  4. Select the Take From Account from the drop down list.

  5. Enter the total Transfer Amount to be moved from the Take From Account. 

  6. Select the Add To Accounts from the drop down list. Up to 6 accounts may be selected. 

  7. Enter the Transfer Amount for each Add To Account as you select it.  

    • As the amount is entered for each account, the program is calculating the total Transfer Amount for the Add To Accounts.  

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

  8. If using Event Codes, notice you can select a Take From Event Code and Add To Event Code.

  9. If using Categories, notice you can select a Take From Category and an Add To Category.

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

  11. 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 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 Reprint a Journal Entry Proof Sheet


How to Transfer Funds from a Single Account to a Single Account 


How to Transfer Funds from  Multiple Accounts to a Single Account