- Create an interfund gift and grant
- Create a journal entry using the transfer accounts.
If you want the transfer to appear on gift and grant reports in FIMS, or want it to appear on the gift and grant detail page of the fund statements, you must enter an Interfund gift/grant into FIMS.
There are some instances where having this information in the fund statement is not necessary. If you wanted to do a simple transfer of the dollars from one Fund to another, and do not need this to appear in reports, you could just make General Ledger journal entries to record the transfer.
Another example: To simplify unrestricted Grant making, some organizations periodically sweep the available balance (either interest income or an amount derived from a Spending Policy calculation) out of named unrestricted Funds and transfer it into a General Unrestricted Fund. This allows you to make all of your grants from one Fund, and causes all named unrestricted Funds to contribute proportionally to all unrestricted Grants.
- This can be automated through a routine in General Ledger called Automatic Interfund Transfers .
- For a simple journal entry, use transfer accounts.
- You should never make an entry directly to a fund balance account (Q accounts). Reports and other programs do not take into account any activity posted to fund balance accounts.
EXAMPLE: Fund ABC needs to transfer $1,000 to Fund OPER. Two sets of journal entries will be needed, one for each fund:
- Do a journal entry to credit the asset account of the ABC fund and debit the transfer account for $1,000
- Do a journal entry to debit the asset account of the OPER fund and credit the transfer account for $1,000.
For additional information, please refer to FIMS Help or contact FIMS Support.