Account code category 'Transfer'

Stephanie Martine
Stephanie Martine
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in Blackbaud Financial Edge NXT® General Discussions

Hello! What do you typically include in account codes under the ‘transfer’ category? How many account codes do you have and what is each one for?

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  • Kevin Brazell
    Kevin Brazell Blackbaud Employee
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    @Stephanie Martine
    historically that would be used if you wanted interfund accounts to live on the Income Statement vs the Balance Sheet accounts. Technically you only needed 1 account code for interfunds and have one per fund setup. Nothing stopped you from using more but that complicates which to use, and reconcile them together as all your interfunds should net to zero.

  • Patricia Nowak
    Patricia Nowak Community All-Star
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    @Stephanie Martine HI Stephanie, We use transfer codes for multiple things, such as moving fund in and out of endowments, reinvest of funds into endowments, closure/withdrawals in/out of endowments, distribution of endowment earnings, and general transfer of funds from one project to another. Our system is set up to balance by project. This allows for a balance sheet and income statement to be produced for each project individually. If you are interested in more detail let get connected in a more direct way. Thanks, Patti Nowak

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