[Closed] How do I record a Transfer between Cost Codes?

How do I record a Transfer between Cost Codes?

Firstly, decide if you really do need to record a Transfer. If this is simply a recording error, then the simplest fix here is to correct the original transaction and select the the correct Cost Code.

Note you will need to unlock the transaction if it is Reconciled or Age-Locked.

• You can unlock a Reconciled transaction by un-reconciling it first, make your changes, and reconcile again. See the last paragraph in the help text for more details.
• If your transaction is Age-Locked, temporarily change your Financial Year-End to a prior year which includes (or is earlier than) the transaction date.

This method does not provide an audit trial.

An alternative approach is to create reversing entries. So, assuming this is a Receipt for £1000:

• create a new Receipt against the original Cost Code, but enter the corresponding negative amount (-£1000). You should use the same Date, Fund and Event/Sub-Event as the original, but select the CONTRA Account (this will act as your control account).  This will reverse out the original transaction against the Cost Code, Fund and Event, and create a balance in your CONTRA account.
• Next, create another new Receipt transaction for £1000 against the correct Cost Code. Again, use the original Date, Fund and Event/Sub-Event, and select the CONTRA Account. This is the correcting entry, and also reverses the CONTRA control account back to zero.

This method is more complex but provides an audit trail.