What You Should Know
A fund transfer moves the Spendable Balance to a new chartstring and includes movement to a different fund. Generally Transfer Journals are only allowed to correct mapping errors, for moving small balances (under $2,500) when the administrative burden of tracking multiple funds outweighs the benefit of keeping a Fund intact. Finance and Treasury is the final Approver on all Transfer Journals. A Transfer Journal may be un‐allowed regardless if it meets the above criteria, based on donor or University’s restrictions.
If you are contributing monies to a University Student Group for a project or event, and the amount is less than or equal to $2,500 please do so through SAFE. Please contact firstname.lastname@example.org for SAFE access or help.
Learn how to Create a Transfer Journal
Transfer Journals are used to:
- Move Spendable Balance from one Fund to another Fund
Transfer Journals are not used to:
- Make Budget changes. Contact the Budget Office for Budget changes.
- Correct Labor Accounting journals. These changes must be made in LA.
- Record cost share on sponsored awards
- Correct a mis-posted transaction
- Use an unrestricted Fund to “top off” a restricted Fund that has a deficit.
- Move remaining E9999 Funds to another departmental Fund to ease the administrative burden.
- Approval workflow to departmental approver, then
- Approval workflow to Finance and Treasury for secondary review and approval.
Transfer Accounts and Journal Description
Transfer Journals consist of a Fund Transfer in (account 4804) and a Fund Transfer Out (Account 4805). Utilize the Line Description field to describe the Transfer. Include the source and destination Funds in the Line Description field as this will aid in tracing restricted Fund usage for stewardship purposes. If it is more useful, spell out or abbreviate the Department Name instead of using the Department Number.
Department 11111-Fund E1234 is transferring $1,000 to Department 22222-Fund E4567 towards costs associate with a spring lecture series.