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Account Transfers

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The Transfer Money functionality moves assets and balances between accounts and funds in CommunitySuite. Use this feature to transfer cash balance fund assets between accounts, move fund assets between bank or investment accounts, or transfer assets between funds within a single account. 

Who: Finance and Accounting teams. 

When to Use Transfer Money

Use Transfer Money when:

  • A fund's assets need to be transferred between different bank or investment accounts.
  • Transferring ownership of assets between two funds within the same account is needed without physically moving money at the bank level.
  • Moving cash balance fund assets between bank or investment accounts is needed to maintain proper allocations.
  • Processing multiple account transfers at once using the bulk transfer option.
     

Transfer Types

To transfer money between accounts and funds, a transfer type has to be selected before the applicable transfer fields can be completed. There are three transfer types in CommunitySuite: Cash Balance Fund, Other Fund, and Interfund Transfer. 

Cash Balance Fund - Enables you to transfer cash balances between accounts that use the Z_Cash Balancing System fund. If completing an account transfer as part of the cash management workflow after running balance swaps, use the Cash Balance Fund transfer type.

Other Fund - Enables you to transfer a fund's assets between two bank/investment accounts. 

Interfund Transfer - Enables you to transfer bank/investment assets between two funds within a single account.

Use the instructions below to initiate a transfer for each transfer type.

transfer types

 

To view a history of fund transfers, click Cash Management in the left-side menu of the Accounts page, and then click Account Transfers in the left-side menu. Physical transfers display at the top of the page, and Balance Swaps display at the bottom of the page. 

This transfer type records the movement of money between accounts based on balance swap activity accumulated in the Z_Cash Balancing Fund.

To transfer cash balance fund assets between accounts using the Z_Cash Balancing System fund, select the account and complete the transfer fields.

  1. Navigate to the Accounts page or the Cash Management page and click Transfer Money in the left-side menu.
  2. Click the Cash Balance Fund transfer type.
  3. Click the appropriate account from the Cash Balance Fund Transfer list.account name
     
  4. Complete the applicable Transfer Money Between Accounts fields, and then click Transfer. 
    • To Account - Account to which the money is going.
      • Examples: investment account, checking, etc.
    • Transfer Date - Actual date of transfer. 
    • Description - Note why the money is being transferred.
    • Amount - Dollar amount being transferred.
    • Create Transfer Check - Check the box if a check needs to be generated to move the money. Leave unchecked if it is an electronic transfer. transfer button
       

To transfer a fund's assets between two bank or investment accounts, select the account and complete the transfer fields.

  1. Navigate to the Accounts page or the Cash Management page and click Transfer Money in the left-side menu.
  2. Click the Other Fund transfer type.
  3. Click the appropriate account from the Select From Account-Other Fund Transfer list.account name
     
  4. Complete the applicable Transfer Money Between Accounts fields, and then click Transfer. 
    • Fund - Fund name that is transferring money. 
    • To Account - Account to which the money is going.
      • Examples: investment account, checking, etc.
    • Transfer Date - Actual date of transfer. 
    • Description - Note why the money is being transferred.
    • Amount - Dollar amount being transferred. 
    • Create Transfer Check - Check the box if a check needs to be generated to move the money. Leave unchecked if it is an electronic transfer.transfer button

If an internal grant, which is a grant on the giving fund and donation on the receiving fund, is not being processed, then transferring money from one fund to another is accomplished using the Interfund Transfer functionality. To transfer assets between two funds within a single account, select the funds and complete the interfund transfer fields.

From the Transfer Money Page

  1. Navigate to the Accounts page or the Cash Management page and click Transfer Money in the left-side menu.
  2. Click the Interfund Transfer transfer type.
  3. Click the appropriate account from the Interfund Transfer list.
    account for interfund transfer
     
  4. Enter the From Fund name from which the money is coming, and then click Next.next button
     
  5. Enter the applicable Transfer Money Between Funds information, and then click Transfer.
    • All fields are required. 
      • To Fund - Fund to which the money is being transferred.
      • Transfer Date - Date on which the transfer will be recorded.
      • Description - Details about the interfund transfer.
      • Amount - Amount to be transferred.transfer button

A confirmation message confirms the transfer.

No money movement has occurred at the bank-level. The interfund transfer functionality only transfers "ownership" of a certain dollar amount, within one bank account, from one fund to another. It will not show on the bank reconciliation.

 

 From the Funds Page

  1. Navigate to the Funds page.
  2. Enter the fund name in the Search Funds field and select the fund from the drop-down list. 
    • Alternatively, click List All in the left-side menu to view a list of all funds. Click the ID of the fund from which the money will be transferred.
      search funds field
       
  3. Click the Details tab.details tab
     
  4. Click Switch to Interfund Transfer.
    switch to interfund transfer link
     
  5. Enter the applicable Transfer Money Between Funds information, and then click Transfer.
    • All fields are required. 
      • To Fund - Fund to which the money is being transferred.
      • Transfer Date - Date on which the transfer will be recorded.
      • Description - Details about the interfund transfer.
      • Amount - Amount to be transferred.transfer button

A confirmation message confirms the transfer.

 

An account with cash management enabled can process account transfers in bulk. 

  1. Navigate to the Cash Management page and click Bulk Transfer in the left-side menu.
  2. Click the account number of the account from which the transfers will occur.account number
     
  3. Enter the applicable Bulk Transfer Options information, and then click Next. 
    • Description is a required field.
    • Select the Bulk Option.
    • Transfer Amount - The amount needed to bring the account in balance based on cash management rebalancing is displayed; however, this can be edited.next button
       
  4. Review the applicable Bulk Transfer Amounts information, and then click Create Transfers.
    • Edit any Transfer Amounts as needed.create transfers button

The transfers will be displayed in the Open Transfer Requests section.

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