Processing Interfunds

Processing Interfunds

Editing and Posting Interfund Transactions

When you edit and post from the Interfund Module, the system moves the Gift to Gift History and moves the Grant to Application History. Once the interfund is posted, you can choose to post the Gift and the Grant through to General Ledger, or leave them in.

The Interfund posting process is different from posting standard Gifts and Grants, because it includes both the Gift and the Grant in a single Edit Report, and will not let you post if there are errors on either side of the transaction.

NOTE: This process goes through the steps of processing a created and unposted interfund transaction. You can also begin the edit and post process immediately when you create a new interfund transaction in the Interfund Entry window by clicking the Create Edit / Post button.

1. In the Interfund module, go to the Processes tab on the Interfund Supertab, choose Interfund Edit / Post, and click the Run Process button. The Interfund Edit / Post Selections window opens.

NOTE: Only authorized users may post Interfunds. Contact your FIMS administrator if are unable to post Interfunds.

Example: Interfund Edit / Post Selections Window

2. In the Select Interfund Transactions From / Through fields, enter the date range that you want to use for the Edit report. Only transactions with dates within this range will appear on the report. Default values are the first day of the current month and today’s date.

IMPORTANT: If you use a date range, the Gift Date and the Grant Date must both fall within the selected range in order to be included on the Edit report.

Example showing a date range that captures interfunds with a specific date:

3. (Optional) If you want to limit the transactions on your Edit report to a specific Interfund or range of Interfunds, enter the desired Interfund transaction numbers in the Interfund Numbers From / Through fields. If you only want to include a single transaction, enter the same number in both fields.

4. (Optional) If you want to limit the transactions on your Edit report to a specific batch or range of batches, enter the desired Batch numbers in the Select Batches From / Through fields. If you only want to include a single batch of transactions, enter the same number in both fields.

5. Click OK and Run Report. The Interfund Edit report opens. This is different from other Edit reports in FIMS because it includes two transactions – the Gift and the Grant in a single report, and posts both at the same time.

Gift information is displayed in the top section of the report, followed by the Grant information. If you scroll down, you will see the grant information.

6. Once you verify that the Edit report has no errors, click Post Interfund on the FIMS Viewer menu bar. A confirmation window opens to remind you that you should run any additional processes on the Gift or Grant before posting.

7. Click Yes to post the Interfund(s). The Interfund Posting report opens.

Posted Interfunds no longer appear in the Unposted Interfunds Data Grid. Instead, each side of the transaction appears in the Interfund Gift History and Interfund Grant History Data Grid, respectively. They are also available in Gift History and Grant History in the Gift and Grant Management modules.

8. You can continue the posting process from this point by doing the following:

To post the Gift through to General Ledger, click Edit & Post Gift in G/L on the menu bar and follow the steps for Posting General Ledger from the Gift Posting Report.

To post the Grant through to Accounts Payable (and optionally General Ledger), click Edit & Post Grant Vouchers in A/P on the menu bar and follow the steps for Posting Grant Applications. Refer to the FIMS User Guide for more information.

If you do not wish to process the interfund any further, simply close the Posting report.