Objective: Provide and overview of the Transfers function an Vantaca and understand how to execute transfer.
Navigate to the Transfers menu by selecting Accounting > Transfer Funds.
There are several import items to note when using the Transfer Funds function in Vantaca.
- To actually transfer funds at the bank, one of the two accounts selected must be with an integrated bank.
- To actually transfer funds at the bank the Move Funds check box must be checked.
- The Transfer Funds window writes the GL to both cash accounts and records the transaction on the bank register, therefore a manual GL entry is not required. (One reason you would choose to include a GL would be to record reserve contributions - Debiting reserve expenses and crediting reserve equity. This additional entry function is enabled by checking the Additional GL entry checkbox)
- Recurring transfers can be set up with a defined start and end date. (This is most commonly used for reserve contributions)
- Transfers cannot be made between associations in Vantaca.
- Use of the transfer screen without checking the Move Funds box to record a transfer that happened outside of Vantaca.