Example
The Department of English has a permanent endowment to support general operating needs. Annually the department transfers the income that has accumulated over the year into its General Operating account in the General Ledger. This year the department needs to transfer $50,000. To accomplish this action, an Endowment to GL Transfer of Funds transaction is initiated. In this transaction, the department specifies the Department of English Endowment KEMID on the From transaction line and $50,000 as the transaction amount. On the To side, the department specifies the Department of English operating General Ledger account number and $50,000 as the transaction amount. After this transaction is approved through workflow and processed in KEM and KFS, the KEMID cash balance shows a $50,000 reduction and the GL Account Available Balance shows a $50,000 increase.
GL To Endowment Transfer Of
Funds