Skip to main content

Performing a Budget Transfer

Emily Yeomans
  • Updated

When to Use the Budget Transfer Procedure

You will use the Budget Transfer procedure when a Cost Center budget is linked to a specific account and it is important to track the original budget of the Cost Center. 

This process moves the unused Account/Cost Center budgets into the new budget period for the account. The procedure requires that:

  • the Account to have a Year End type of N, and
  • the Cost Center have a Year End type of C.

The remaining balance in the account for Cost Centers that do not have a Year End type of C is placed in a default Cost Center defined for the account.  You will perform this procedure on the Account just before it is archived.

Effects of the Budget Transfer

  • A budget adjustment entry equal to –1*(the Account/Cost Center balance) and dated the account budget period end date is created for all Cost Centers with a year end type of C that were used by the account. The reference number will be the Account code “-“ the Cost Center code.  Reference 2 will be “BX” plus the account budget period end date.

  • A budget adjustment entry equal to the Account/Cost Center balance and dated the day after the account budget period end date is created for all Cost Centers with a year end type of C that were used by the account. The reference number will be the Account code “-“ the Cost Center code.  Reference 2 will be “BX” plus the account budget period end date.

  • A budget adjustment entry equal to –1*(the Account/Cost Center balance) and dated the account budget period end date is created with a user-defined default, Cost Center for all other Cost Centers that were used by the account. The reference number will be the Account code “-“ the Cost Center code.  Reference 2 will be “BX” plus the account budget period end date.

  • A budget adjustment entry equal to the Account/Cost Center balance and dated the day after the account budget period end date is created with a user-defined, default Cost Center for all other Cost Centers that were used by the account. The reference number will be the Account code “-“ the Cost Center code.  Reference 2 will be “BX” plus the account budget period end date.

How to Run the Budget Transfer Procedure

  1. Select from the Accounting Module main menu:  Special Procedures/Year End Close/Budget Transfer.

    SS17Budget_Transfer_main_menu.png

    The Budget Transfer screen appears.

    SS18BudgetTransferScreen.png
  2. Click the appropriate Account code from the drop-down menu in the Account field. The Year End Type, Default Cost Center, and Budget End Date will fill in automatically (from the values on the Account Setup form).
  3. Click the appropriate Object Code to be used in the new transactions from the drop-down menu.
  4. If the remaining balance is to be transferred to a new account, select the code for the new account from the drop-down menu in the New Account field.
  5. Click the Start A grid showing the account/Cost Center balances to be transferred will display for your confirmation.
  6. Click the Finish Transfer button to complete the process.

 

Related articles