The General Journal has an easy-to-use tool for transferring money internally, between one of a district’s own bank accounts to another. Each bank transfer will create a deposit into the receiving bank account, along with an entry to reconcile on each bank’s Financial Institution Statements page.
Before initiating the transfer, both the sending and receiving account must have been created as financial institution accounts.
To create a bank transfer:
- Go to Financials Main > General Ledger > General Journal
- Click the blue plus sign in the upper-right corner
- Create Transfer
- Enter the date, payment type, affected fund, and amount being transferred.
- Choose a bank account to Withdraw Funds From (will be credited) and a bank account to Deposit Funds To (will be debited).
- Enter the responsibility center of the account that will be debited and credited
- Enter deposit details
- Payee is required if the payment type is Check, optional if the payment type is EFT
- If any additional journal entries are needed (e.g. in the case of a permanent transfer of interest), enter them as Other Journal Entries
- Review the Transactions Preview
- Save or Save & Print Check
The completed transfer will appear in the General Journal with the workflow type “Transfer.”