Interfund Sets

Laura Vaughan

Hi,

Would anyone be able to help me understand the system design of Interfund Sets? I understand fund balancing entries well, but I cannot figure out what the system expects me to enter in Interfund Set setup in order to record credit card activity. It is possible that a credit card charge would have an amount distributed to fund 01 and 02, but the GL liability offset in the cardholder's setup can only have one fund, thus the fund balancing entry may be required. Below is my attempt, but the transactions still won't save or record. Thanks for any guidance!

Kevin Brazell

@Laura Vaughan
the basic idea for the sets is when you're entries will cross funds, it can do the balancing entries. Simple example : Debiting an expense in fund 01 , and crediting liabiliy in fund 02 in an invoice. without the interfunds setup, you'd have to manually make the balancing entries in the invoice before you could save it. But with the interfund sets and it's preformed entries, FE will know how to make the balancing entries. Then it let's you save and eventually post the invoice and it shows those balancing entries too. That's the basic idea.

Laura Vaughan

@Kevin Brazell Thanks for the reply. I finally figured out what the system was looking for, but the interfund entries have made a mess in the general ledger and the system used the wrong transaction classes on a number of entries so that's an additional mess to clean up. We may just stop using the credit card feed altogether and go back to journal entries.

Jennifer Benson

@Laura Vaughan We have the same issue. I utilize different liability accounts and cannot get he interfund to work correctly. We had to stop using the function and go back to journal entries. i 100% believe this should have been built like the AP Module!

Thomas Swindell

@Laura Vaughan what was the system eventually looking for? Our fund setup is to balance the fund as well as the Segment in our Account String. We have an Interfund set for the Fund, which is working, but the system is not allowing us to save when we try to create the interfund set for the Segment. It sounds like you found out what the system was looking for. Thanks for sharing!

Laura Vaughan

@Thomas Swindell Yes, the system is looking for non-balancing entries in the Interfund set. I am displeased with the additional entries this ultimately creates as well as the fact that the Transaction class doesn't keep its character associated with the Fund so further cleanup is needed. Here is what I ended up setting up to get the transactions to save. The 2015 account is a credit card payable liability account and the 8010 account is a transfer code.