I've inherited a set of accounts for a small local charity who are using the charities option and charitable funds which I've not encountered before. I've read the help about the charities option here. The charity has set up 6 funds linked to the bank current account within the accounts. Each fund has balances and, for example, when payroll is done, funds payable come from the employment fund and affect its balance.
I've been asked by the trustees to transfer a sum from general funds (by which they mean the bank - there is no 'general' fund in the accounts) to the employment fund to help cover a projected shortfall in that fund.
I can see how to transfer from one fund to another, but the bank account isn't a fund. How do I add funds to the employment fund total without a donation or receipt?
Thanks for using Sage City.
To record this you can post a bank payment (BP) out of your bank account, but don’t allocate this to a fund. Once done, you can then bring the money back into your bank account by posting a bank receipt (BR), using the same date and allocate this to the relevant fund account.
This will put the balance of your bank account back to what it was, but will allocate this amount to the required fund.
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Perfect! Thanks for that Paul.
You’re welcome Paul.
Let me know if you have any other queries :)