Transfers are necessary for funding or moving expenses to the correct strings (project or GL)
In order to facilitate the correct transfer you need to ask if you are transferring funds or expenses.
Transferring Funds: you are sending funding (dollars). You are moving funds to cover a commitment made to another GL or project. This is not available for all fund types. In order to know if your transfer is allowable, you will need to check transfer matrix.
Transferring Expenses: you are moving an expense out of one string to another string. You need to show the expense in the other string as how it appears in the incorrect string. That means preserving the account code, the dollar amount, and the description. Sometimes there is a need to transfer a portion of the expense. You will still need to preserve the account code, and the description (while moving a portion of the dollar amount).
The transfer of funds occurs when you are moving actual funds from String A to String B. You can move funds from GL to GL, GL to Project, Project to GL, or Project to Project.
Fund Type will determine whether or not the transfer can happen. You need to verify from the transfer matrix.
If you are transferring GL to GL (General Ledger to General Ledger)
You will need to have both GL Strings. The UDOLFB. The Account Code will be the Transfer code you located in the matrix.
If you are transferring funds that involve a project, you will need to process that via the Create NonLabor Costs for Third-Party Applications.
This would cover transferring funds from GL to Project, Project to GL, and Project to Project.
Please note- if you are crediting the project, the sign for the dollar amount in quantity is negative and unmatched negative item is yes (selected from the drop down menu). If you are debiting the project, the dollar amount in quantity is positive and the unmatched negative item is left blank.
Transfer of Expenses-
Transfer of expenses occur when you are moving an expense that has already hit from 1 string to another (where it should have hit).
When transferring an expense, you will need to preserve the account code of the expense, information regarding the expense, and the dollar amount (if you are moving 100% of the expense, if you are moving a portion of the expense, you need to make sure you do not exceed the original cost of the expense)
You need to identify the strings you are need to move your expense.
In GL to GL (General Ledger to General Ledger), you would process a journal entry. In the section, instead of using the transfer code, you will use the code of the original expense. In the section, be sure to detail the information of the transfer.
This can be done in the system, or in the system spreadsheet in Cornerstone.
Please note, when transferring expenses, you will need to look at this at the expense side. If an expense hits GL A, then GL A is in deficit for the dollar amount. If you need to move that expense to GL B, you need to credit GL A and debit GLB.
If you are transferring an expense when there is a project involved, you need to process the entry via the NonLabor Costs for Third-Party Applications.
This will be used to transfer expenses from GL to Project, Project to GL, and Project to Project.
Please note, when a project is involved and you are using the NonLabor Costs for Third-Party application, you will need to look at these entry on the expense side. If an expense hits the project, then the project is in deficit for the dollar amount. If you need to move the expense to the GL, you will need to credit the project and debit the GL.
If you are crediting the project, the sign for the dollar amount in quantity is negative and the unmatched negative item is yes (from the drop down menu)
If you are debiting the project, the dollar amount quantity is positive and the unmatched negative item field is blank.
If you are moving an expense from project to project, Cornerstone has the functionality to move that expense in the system. This will only work from project to project.