How to Process an Accounts Payable Transfer Journal

This section allows you to re-allocate expense transactions recorded in previous periods. 

Click the link to see a walkthrough

AP Transfer Journals are typically used to:

• Get expenses into the correct category to assist with variable outgoings reconciliations.
• Adjust the expense for a Supplier Refund.
• Transfer an expense between properties with the same owner.
• Record an expense paid directly by the Owner.
• Re-allocate the expense from an account code to another within the current or previous period. 
• Re-allocate the expense from one property to another within the current or previous period

Example: You can reallocate the expense from an owner's expense account code to a direct recoverable expense account code to adjust the expense, so the expense matches the income and the cost is deducted from the partition where the funds were receipted to.

As a Trust Accountant user, go to Accounts Payable > Transfer Journal.

Enter the transfer journal details as follows:

• Supplier/Owner - You can select the following from the drop-down menu: 
  • Select the same supplier as the original expense (supplier that issued the invoice) when re-allocating the expense from an account code to another (including correcting category for an expense) or from one property to another
  • Select the supplier providing the refund when processing a creditor refund
  • Select the owner or supplier that issued the invoice when recognising an expense paid by an owner direct
• Transaction Date - Enter the transaction date for the transfer journal, this must be dated within the current open period. This will also be the date the transaction is processed and reflected in applicable reports.
  
  

• Upload any attachments if required
• Click 'Process
   

Transferring funds between different properties - ensure the property you are transferring funds from has the sufficient funds to make the transfer. If there are insufficient funds available to make the transfer, an error message will appear.

Owner Reports - The owner report for the current period will show the reversal of the original transaction.