CenterPoint® Fund Accounting - Transfer Funds between Bank Accounts (Separate Companies/Funds in CenterPoint)

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CenterPoint allows you to have more than one company/fund in the same database. Follow the steps below to transfer funds between bank accounts that are in different companies/funds. This will be accomplished by entering two general journal entries.

Step A - Company Receiving the Funds

Step B - Company Distributing the Funds

Step A - Company/Fund Receiving the Funds

  1. Select Processes > General Journal Entries.

  1. Select the Company/Fund receiving the funds.
  2. In the Name box, select the name you wish to assign to this transaction. The name can also be left empty. If you choose to assign a name, then you can you use the Recall button to simplify future bank transfer transactions.
  3. Enter the transaction Date.
  4. In the Account box, select the bank account that will increase.
  5. Enter the bank transfer amount in the Debit column.
  6. In the next row, select the Account you wish to use to track the transfers between the companies/funds.
    • If this company/fund will repay the funds, select a liability account..
    • If the funds will not be repaid, select an Equity account with the account category Contributed Capital.
    • To create a new account, right click and select New.
  7. Enter the bank transfer amount in the Credit column.
  8. Total Debits must equal Total Credits to post a general journal. The Difference in the bottom right corner equals zero when Debits = Credits and the transaction is ready to post.
Note: If you want to attach a document to this transaction, see the Attach Documents to Transactions topic for detailed information.
  1. Click Save.

Step B - Company/Fund Distributing the Funds

  1. Select Processes > General Journal Entries.

  1. Select the Company/Fund paying the cash to another company/fund.
  2. In the Name box, select the bank you wish to assign to this bank transfer. The name can also be left empty. If you choose to assign a name, then you can use the Recall button to simplify future bank transfer transactions.
  3. Enter the transaction Date.
  4. In the Account box, select the account you wish to use to track the transfers between the companies/funds.
    • If this company/fund will be repaid by the other company/fund, select an asset account.
    • If the funds will not be repaid, select an Equity account with the account category Contributed Capital.
    • To create a new account, right click and select New.
  5. Enter the bank transfer amount in the Debit column.
  6. In the next row, select the bank account that will decrease.
  7. Enter the bank transfer amount in the Credit column.
  1. Total Debits must equal Total Credits to post a general journal. The Difference in the bottom right corner equals zero when Debits = Credits and the transaction is ready to post.
Note: If you want to attach a document to this transaction, see the Attach Documents to Transactions topic for detailed information.
  1. Click Save.
Note: If a printed check is needed for the transfer, a payment transaction can be used instead of a general journal entry. The account mentioned in step 5 in the above instructions would be used as the account in the Payment screen grid.

 

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