- Create an Interfund Transaction in the Interfund module for the $5000. In the wizard the most important thing is to remember to uncheck automatic payment and make sure print check is selected. Click Create Interfund (not Create/Post).
- Edit the application payment plan to have 5 lines- one for each year of the commitment.
- Edit the gift to have two entries. One will be for the first payment of $1000 and the other for the remaining $4000. The GL accounts for the first $1000 can remain as generated, but the Debit account for the $4000 should be changed to point to a receivable account.
When the gift and grant are modified you can post them through to the GL.
Process either a real or hand check for the first annual payment in the AP module. Subsequent year payments can be handled in a similar manner- either a real or hand check. When you process the future year payment you need to either enter a non-gift to record the receipt of the payment and the decrease in the receivable or process a journal entry. Which option you take will depend on your reporting needs.