Fund Transfers are similar to Account Transfers and allow you to reallocate fund balances across your different Funds. A key difference is that creating a ‘pure’ Fund transfer does NOT physically move the cash and it will have no affect on your Account balances*
*Note that it is possible to also include Accounts in a Fund transfer if you are also moving the cash between Accounts at the same time (see below).
Record Transfer between Funds
- Navigate to Transfers>Fund & Event Transfers (2nd Sub-tab)
- Click the New Fund/Event Transfer button
3. Enter your Fund Transfer details:
- Transfer Details: A brief description of the transfer
- Transfer Date: Enter/select date the transfer was made
- Account Holding Fund: (Not shown). This is an advanced feature – see Include Account in Fund Transfers below.
- Transfer Amount: Enter the overall transfer amount (Note the right pane shows Fund balances at the Transfer Date).
- From/To Funds: Select the source and destination Funds for the transfer (Note that you can also include Events and Sub-Events with your transfer if required – just leave blank to ignore)
- Notes: Enter optional notes if required.
This will allow you make a simple one-to-one transfer between two Funds.
4. When you save your initial entry, if required, you can then add additional Fund (and Event) transfer lines to this transaction by clicking the Add Transfer Line button. This feature allows you create complex transfers, such as one-to-many or many-to-many, between both Funds and Events.
Importantly, your overall transfer must balance (ie. the total “Transfer To” and “Transfer From” values from all lines must be the same). Clubtreasurer will warn you if your Transfer does not balance and this must be corrected to ensure your accounts are accurate.
Including Account in Fund Transfers
This is an advanced Funds feature that allows you to manage which Account a Fund Transfer is paid from.
Some organisations, such as charities, need the ability to record and report which Account(s) their Fund balances are physically held in. It is possible to hold a Fund balance across multiple Accounts and, similarly, you can hold multiple Funds in a single Account.
In the example below, the organisation has two Funds:
- Fund #1 is only held in the Bank A/c
- Fund #2 is spread across all the organisation’s Accounts:
You can see this view in the Fund Movement Summary Report
Please note that this feature is enabled for all Organisations by default. When enabled you will need to select an Account when you create a Fund Transfer. Note this may require you to create multiple Fund Transfers if you need to transfer an entire Fund balance which is held in multiple Accounts.
To disable this feature navigate to Setup > Organisation & Subscription > Include “Account” in Fund Transfers? > select “No”
This will simplify Fund Transfers by removing the Account requirement. Use this setting if you don’t need to report where your Fund balance(s) are physically held and effectively treat them as separate pools. If you are not sure which to use, select this one.