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!
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.