Transfer to Stake with Insufficient Other funds

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joseph.naylor.v
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Transfer to Stake with Insufficient Other funds

Postby joseph.naylor.v » Mon Sep 04, 2017 6:37 am

I need to immediately transfer funds to the Stake for payments for both Girls Camp and Day Camp. In the past I have used whatever funds were in the Other category and did a straightforward transfer from our Other to the Stake's Other. This worked because there was the right amount in our Other budget to cover what the Stake needed.

This year however I do not have the full amount collected yet from both Primary parents and YW parents. My plan was to do a transfer and drain both Other: Girls Camp and Other: Day Camp. My question is how do I make up for the rest of the payment? Where do I pull it from and where do I send it to? The only other option I see is the pull it from Budget Allocations and send it to the Stake Budget Allocations. Is this correct?

russellhltn
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Re: Transfer to Stake with Insufficient Other funds

Postby russellhltn » Mon Sep 04, 2017 11:33 am

If this was payment by check, I'd say write it from budget and then re-categorize it when the funds are available. But I'm not sure if you can do that with a transfer.
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eblood66
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Re: Transfer to Stake with Insufficient Other funds

Postby eblood66 » Mon Sep 04, 2017 12:27 pm

I would pay the entire amount from the Other account (because you can only transfer from an Other account to the Stakes Other account). I'd then make a transfer from budget to Other to cover the excess (or you can do all that in the reverse order--it should work either way). As I don't think you can do a direct transfer from Budget to Other, you'll probably have to write a check from Budget and deposit into Other as part of a donation batch.

When the funds do come in you can then then re-categorize the check from Budget to Other to reverse the transfer.

waynecooke
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Re: Transfer to Stake with Insufficient Other funds

Postby waynecooke » Sun Sep 17, 2017 9:54 pm

What we have done, and this has happened more than once, is to write one check with part of the total amount due coming out of the "Other" account, and the rest out of the Budget (say Young Women's and Primary's in this situation), and then when the funds are received, deposit the funds into the appropriate Budget account. It is kind of like a 'short term loan' (interest free) from the Budget to cover the shortage. That has never caused a problem in the audit.

russellhltn
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Re: Transfer to Stake with Insufficient Other funds

Postby russellhltn » Sun Sep 17, 2017 10:56 pm

waynecooke wrote:then when the funds are received, deposit the funds into the appropriate Budget account.

That's messy. Unless/until you look at the bigger picture, it makes it look like the donations were used to increase the budget. It would be much better to deposit those funds into the appropriate "Other" account and then edit the check to change where the funds are drawn on. The budget gets reimbursed and the resulting reports are squeaky clean.
Have you searched the Wiki?

Try using a Google search by adding "site:tech.lds.org/wiki" to the search criteria.

waynecooke
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Re: Transfer to Stake with Insufficient Other funds

Postby waynecooke » Tue Sep 26, 2017 5:28 pm

It would seem to me that this isn't that different that giving an "advance" from a Budget account, and then posting to the Budget account the funds that were returned unused.


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