Budget Transfers

Summary

Budget transfers are used to move budgeted funds between general ledger accounts. This article contains instructions on how to initiate budget transfers in IC Finance Cloud.

Audience

This article is intended for all faculty and staff.

Platform

IC Finance Cloud

Contents

• Overview
• Completing a Budget Transfer

Overview

You can create budget transfers in Cloud between 01-Fund expense accounts to which you have access. They must be made in whole dollar amounts. For transfers involving non-01 Fund accounts or accounts that are not within your access, please submit a request using the Budget Request Form in IC Workflow.

There are 5 categories of subcodes for funds checking. When completing a transaction in IC Finance Cloud, funds are checked against a total of all available funds in all accounts in a subcode category within each department and project code combination. Before transferring funds from an account, there must be sufficient funds available for the funds checking category containing that account. (For more information, see Reference - Subcodes, Funds Checking Categories)

Completing a Budget Transfer

To initiate a budget transfer between two or more of your accounts:

1. On the IC Finance Cloud home page, click the Budgetary Control tab, then click the Budgetary Control app.

2. On the right hand side of the Budgetary Control Dashboard screen, click the Tasks button, then click Review Budgetary Control Balances.

3. Check funds for the subcode category or categories you are transferring from: Click the Control Budget dropdown list and select the "Funds Checking" budget for the current fiscal year. The Amount Type field should show as "Period to Date". Click the From Budget Period and To Budget Period dropdown menus and select the current fiscal year for both. Type or click in each account segment field to select a value or search for all values, and click the Search button. Review the search results to make sure there are enough funds available to cover your budget transfer.

4. Search for and select the individual accounts for the transfer: Click the Control Budget dropdown list and select the "Adjusted" budget for the current fiscal year. The Amount Type field should still show as "Period to Date". Click to select the current month in both the From Budget Period and To Budget Period fields. Type or click in each account segment field to select a value or search for all values, and click the Search button.

5. Click on an account line to transfer from, then click the Transfer Budget dropdown list and click From This Account. Repeat this step if you are transferring from multiple accounts.

6. Click on an account line to transfer to, then click the Transfer Budget dropdown list and click To This Account. Repeat this step if you are transferring to multiple accounts.

7. Click the Budget Transfer Request icon to the right of the Transfer Budget dropdown list. The icon should have a number next to it, equal to the number of accounts you have selected for your budget transfer.

Fig. 1 Budget Transfer Request icon on left side of Review Budgetary Control Balances screen above search results and to the right of Transfer Budget dropdown

8. In the window that appears, type a detailed reason for your request in the Justification field. The Budget Transfer Name field will have a default value, but you have the option to type additional information here (e.g. your initials) to make your transfer easier to find when searching. You do not need to change the Budget Usage or Budget Scenario fields; these can be left as their default values.

9. For each account line under Transfer From and Transfer To, type the amount you would like to transfer to or from each account in the Period Amount (USD) field. The Totals for the Transfer From and Transfer To sections must match before proceeding to the next step.

10. Click the Submit button in the bottom right corner of the window to complete your request. A confirmation message should appear if your request is submitted successfully, and you will receive a notification when it has been completed.