Is there a way to book a gift as a transfer from one fund to another? Our Women's Board decided to allocate a portion of their funds to our general operating fund, but I am not sure how to book this. Is there a "Transfer" payment method we would have to create? If anyone has done something similar before, I appreciate the help- thanks!
We have done this before with our auxiliary groups. We created a new campaign and fund/GL that is for intercompany donations. This is where we record donations from our auxiliary groups. Most of them are checks they send to us as they have their own bank accounts otherwise we have used the electronic deposit payment method. Not sure if that is what you were looking for, but figured I would share.
Hi Shannon, thanks for sharing! That is one idea, although I don't think our auxiliary groups have their own accounts. The funds are already in our system, I just have to transfer them to another fund and campaign.
This is exactly what we do. We have a "Money in Transit" payment method that we use when needing to make transfers or adjustments. Our Finance team then knows that it's not a new transaction, but just an adjustment that needs to be made.
Thanks Kyle! So do you just book it like a regular gift, and use that as the payment method? Is there anything else that has to be done/set up?
We would adjust out the initial gift to zero using a negative balance to the Money in Transit payment method, then enter a second gift to the correct fund with the same payment method as a positive amount. Therefore in the batch report, it's a net zero cash change with the correct break-down of the change in Fund.
Got it- so just like a regular adjustment. I assume the payment method makes that work for a sum of money and not just a single gift like most adjustments- since the amount we're transferring is a sum of many smaller gifts, and not any specific ones.