How to transfer funds from one facility to another using funding journal repayment option

In this example we are repaying Facility 1 from Facility 2 e.g. Transfer of Funds from Facility 2 to Facility 1

1.   Select the Facility you want to “repay” (i.e. Transfer TO Facility 1)

2.   Select the CONTRA ACCOUNT Bank account and GL account.

(This is because if you select a FACILITY here, it WILL NOT adjust the Funding balances, must be done in steps 6 onwards)

3.   This will create a receipt in the facility bank account which you must do daily banking for the receipt to be posted to facility 1 bank account cash book (d01d)

4.   We now have a receipt in the facility 1 bank account as shown.

5.   And a payment in the contra account as shown.

6.   Now create the other side of the transaction to affect the facility 2

7.   Select the facility you want to “repay” from ((i.e. Transfer from facility 2)

8.   Select the CONTRA ACCOUNT Bank account and GL account

9.   Enter a NEGATIVE value

10. This will create a ‘negative’ receipt in the facility 2 bank account which you must do daily banking for the receipt to be posted to facility 2 bank account cash book (d01c)

11. We now have a ‘negative’ receipt in the facility 2 bank account as shown

12. And a ‘negative’ payment in the contra account as shown,  (offsetting the payment)

13. The resulting journals show nil effect on the contra account, and the 2 facility bank account adjusted correctly