Transfers/Advances is used to transfer money from one fund account to another or cash advances between funds. A transfer is considered a permanent movement of money, whereas an advance is expected to be repaid back to the originating fund.
Creating a Transfer/Advance
- From the Transaction menu, select "Transfers/Advances".
- Click on
Enter in the required information. For the Debit and Credit Account fields, click on the down arrow to display the accounts transfer and advance accounts available.
The Legacy PO, Legacy Check and Legacy Receipt fields are not displayed when creating a transfer or advance. These fields contain data from transactions imported from Classic.
- To enter account codes:
- Use the drop down to select an account
- Begin typing the account code to narrow down the selections
- Note: When typing the account code it is necessary to include the hyphens
- Use the icon to open a pop up window for the account search
- The account search will only show account codes available for Transfer/Advance transactions
- Click on to post the transaction, click on to not post the transaction and return to the grid.
The Transfers/Advances grid allows the user to search for any existing transfers or advances by clicking on the filter row in the grid columns and entering the desired information. Click on any row of the search results to see a summary view of the record. Click onbesides a transfer/advance to see the full details. The Advanced Search can be utilized by clicking on the in the upper right side of the grid.
Transfers/Advances from an open posting period may be modified. Only fields that are allowed to be edited will be displayed.
- Search desired transfer or advance on the grid
- Click on
to edit the transaction.
- Make desired changes.
- Click on to save desired changes, click on to not post the changes and return to the grid.
Repay an Advance
Only outstanding advances can be repaid. On the grid, outstanding advances will be denoted with ain the first column. Repaying an advance will process an expenditure transaction from the advance out (return) account and a receipt transaction to the advance in (return) account. To repay an advance:
- Click on the for the advance you want to repay.
- The amount of the original advance will appear in the amount field. Enter a date and description of the repayment.
- Click on to post the transaction, click on to not post the transaction and return to the grid
More Information on Transfers/Advances
Backing out a Fund-to-Fund Transfer/Advance
A Transfer/Advance can be deleted if the posting period associated with the transfer is open and within the same fiscal year. Transfers/Advances from a prior year cannot be deleted.
Repaying a Fund-To-Fund Advance from a prior fiscal year
If the Advance does not get repaid in the current fiscal year or next fiscal year, the user must process a transfer to repay the original fund.
Advance Function and Object Codes
When the advance is created, the advance out (initial) dimensions includes a 7410 function and a 921 object code. The advance in (initial) receipt code is 5210.
When an advance is repaid, the advance out (return) dimensions include a 7420 function code and a 922 object code. The advance in (return) receipt code is 5220.