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e.Journals Funds Transfers Notes

Note 1:  Budgets within executive levels must remain within balance.  Funds transfers within the College can be done using a budget revision (e-journal 21). Note that in a budget revision a debit increases the budget and a credit decreases the budget.  Funds transfers outside of the College must be done using type 60 transfer through the College’s income account in order to keep the respective budgets in balance.

Note 2:  Transferring funds from budgeted accounts (1-ledger) to unbudgeted accounts (2-ledger) must also be transferred via type 60 through the College income account in order to keep the E&G budget in balance (you can’t transfer budget to an unbudgeted account).

Note 3:  Do not transfer any salary funds on an e.Journal—you must use RST to transfer salary funds.

FUNDS TRANSFERS (funds not expended-like a donation)

A)    1-ledger to 1-ledger, within the College:

• Type 21 budget revision:  credit subcode pool for the "transfer out" account, debit subcode pool for the “transfer in” account
• Note:  Whole dollar amounts only, subcode pools only

B)    1-ledger to 1-ledger, outside the College:

• Type 21:  1-ledger-credit subcode pool, debit 9410 (for account transferring from)
• Type 60:  1-ledger (transfer from account) debit 9410, transfer to account-credit 0521
• The “to account” must be an income account 1-0XXXX
• Note:  Transfers to the College from outside, will be into 1-04200-0521
• Use a budget revision 21 to credit 1-04200-0521, debit 1-40002-subcode pool

C)    1-ledger to 2-ledger:

• Type 21:  1-ledger-credit subcode pool, debit 9410
• Type 60:  2-ledger-credit 0521, 1-ledger debit 9410

D)     2-ledger to 2-ledger – use transfer logic:

• Type 60:  “from account” debit subcode 9410, "to account" credit 0521

E)    2-ledger to 1-ledger – thru 1-04200 (Income account):

• Type 60:  2-ledger debit 9410, 1-ledger-credit 1-04200 (Income account) 0521
• Type 21:  l-ledger-credit 1-04200 (Income account) 0521, 1-ledger debit 1-ledger subcode pool

F)    SL to GL or GL to SL (2, 5, 6-ledger):

• Type 60:  use transfer logic, debit "from account", credit "to account"

G)   GL to 1-ledger thru 1-04200 (Income account):

• Type 60:  GL debit 5101, 1-ledger-credit 1-04200 (Income account) 052X
• Type 21:  l-ledger-credit 1-04200 (Income account) 052X, 1-ledger debit 1-ledger subcode pool

H)    From 6-ledger:

• Use the associated GL account for funds transfers
• Transfer expenses directly from account
• Note:  No funds transfers allowed from endowment 6-ledgers (or associated GL account)
  

EXPENSE TRANSFERS (funds already expended):

A)    Type 60:

• All transfers-single line from subcode used for expense to same subcode in transfer account
• Credit the account where the charge is appearing and debit the new account