Understanding fund transfers

What is a fund transfer?

The online fund transfer modules are faster, more accurate ways of generating and confirming monies being transferred from one financial account to the next. Where a fund transfer can work with two accounts, a batch fund transfer can exchange available resources to multiple accounts.  Batch fund transfers are aggregates of single fund transfers - each transfer will have its own workflow and approval.

What are the advantages of using the Fund Transfer Modules?

Speed: Accounts and their appropriate object codes are immediately accessible from a drop-down menu. A batch fund transfer can handle multiple transfers from within the same transaction. If you are making a fund transfer intra-departmentally, the transfer(s) can be as simple as just click and go.

Accountability: Since fund transfers involve two funds, two sets of approvals are generated once the transaction is created. If your department chooses to do so, they can require a custom approval for fund transfers.

Accuracy:  Sinai Central will not allow a fund transfer to occur without the owner of the financial account confirming the transaction.

History: All fund transfers are saved online. At any time, you can look up the amount and status of previous fund transfers. Supporting details can be scanned and saved with the fund transfer so that documentation can remain with the transaction.
 

How does this fit into my work flow?

The normal work flow for a fund transfer is:

1. Gather the fund numbers and their perspective object codes. Make sure all parties are aware of the transaction.
2. For auditing purposes, all fund transfers require a full explanation of the transaction. Gather all supporting details.
3. Instead of filling out a paper fund transfer form, you will fill out and submit a form online.
4. The fund transfer will go through at least 3 stages of approval (and a confirmation step with the fund owner/admin) for both sides of the transaction (the requesting fund and the approving fund). Some of these stages may occur instantly because of the policies setup by the Department and Finance. If this is occurring between two different departments, it will go through approval and confirmation on both sides of the transaction.
5. If there is a discrepancy between the object codes or fund types for the fund transfer, the Finance department will intervene when appropriate.
   

What do I need to create an online fund transfer?

To create a transfer, you will need*:

• To activate your Sinai Central user account. You may already be using Sinai Central for purchase orders, human resource transactions, or general ledgers. If you've never used Sinai Central, see Activating Your Sinai Central Account.
• Access to one of the funds to which the transfer will involve. If you do not have access to a fund, see Granting Access to Funds in Your Department.
• The fund and object code you make the transfer to. 

• One minute of your time.

  * When funds are created, Finance determines how they can be expensed and what object codes are available. These "behaviors" may not allow a transfer to occur. Prior knowledge of these behaviors by the fund owner(s) and or administrator(s) may save time and effort down the line. An example of funding that "behave differently" would be restricted versus unrestricted funds.
  
  

How do I create a fund transfer?

To create a fund transfer, see How to Create a Fund Transfer.