Transfer Funds

Summary: Provide an overview of the Transfer Funds function in Vantaca and understand how to execute a transfer properly.

Navigate to the Transfer Funds screen by selecting Accounting > Transfer Funds. 

The Transfer Funds window writes the GL entry to both cash accounts and records the transaction on the bank register, therefore a manual GL entry is not required. You will fill out the top portion of this screen accordingly and you will also notice some checkboxes at the bottom of the Transfer Funds screen in Vantaca: 

Note: Entering in a one-time transfer, even a future one, will affect the book balance immediately, so keep that in mind when checking your book balance.

• Create Due To/ Due From
  • This is usually used for a reminder to pay back a reserve account.
  • This will put line items on the balance sheet, and the Due To/ Due From GLs are based off your Association > Settings.
• Make this a Recurring Monthly Transfer
  • Recurring transfers can be set up with a defined start and end date. (Note: Date to transfer must be at least one day in advance in order to transfer money at the bank level.)
• Move Funds
  • Must be checked to transfer funds at the bank level. (Note: One of the two accounts selected must be with an integrated bank to successfully transfer funds at the bank.) 
  • Use the Transfer Funds Screen without checking the Move Funds box to record a transfer that happened outside of Vantaca.
  • We know mistakes happen, if you catch your mistake within an hour of making a transfer you can void it from the bank register and the funds will NOT transfer.
  • (Note: Transfers cannot be made between associations in Vantaca.)
  • (Note: If you wish for the transfer to be sent to the bank the same day, ensure it's created at least one hour prior to your ACH file sending to the bank, which is usually early afternoon.)
• Additional GL Entry
  

  • Mainly used for reserved contributions or reserve expenses. (For Example, if you are tracking the transfer on the income statement as well.)

  • You could also do this on the Accounting > GL Entry screen, but this option will save you a couple of steps.
  • NOTE: When transfers fail (Ex. Due to Low Balance), the Additional GL Entry portion will still post to the books.

When making a transfer, one account must be integrated. If neither account is an operating account, the integrated account must have ACH enabled and must have an ACH ID for the bank account on the Association>Bank Accounts screen.

FAQ

Question:

On Recurring Transfers, if the community does not have the funds to transfer, what entry is made to accrue those reserve funds? Should we check Due to/Due from? What does that do?

Answer:

The GL Entry that's set up on the reserve transfer will still post even if there are not enough funds in the account. You will receive an alert in your Action items called Transfer Fund Failed Alert. This allows you to keep an open action/task to make the transfer once funds are received.

If at the end of the month the transfer was still not able to be made, a GL entry will need to be made to create the due to/due from.