The Expense Transfer feature allows MyFinancial.desktop (MyFD) users to transfer posted salary and non-salary expenditures. Allowable transfers include RSTs (Retroactive Salary Transfers) and RTEs (Request Transfer Expenditure).
Transactions may be initiated and submitted electronically, by authorized MyFD users. Users may locate posted expenditures on the Transaction Summary Report or by using the Query Tool, then gather the individual transaction on the Worksheet before completing the Expense Transfer Form. Transfers that have been saved, submitted, or are awaiting further action are listed on the Saved & Submitted page.
MyFD retains the current biennium, plus three prior biennia of transaction data. For transfers submitted using MyFD, there is a full audit trail, as well as optional notes. Original transaction detail and online expense transfer detail is available online, in MyFD, for the full retention period.
How Expense Transfers Work
When an expense is transferred, the original expenditure actually remains on the budget which was originally debited. However, after the expense has been successfully processed through MyFD, (overnight) the user will see correcting entries in the most current open month. For example, in the chart below, you can see that expenditure for $1,000.00 was recorded to budget number 65-1234 (Budget A) during the month of April. If an expense transfer is processed for this expenditure to budget number 65-0987 (Budget B), a credit will appear in the current open month for budget number 65-1234 and a debit will be seen for budget number 65-0987.
|Budget A (65-1234)||Budget B (65-0987)|
|"Budget A" entries net to
zero. The original transaction, occurring
in August 2017, will never disappear.
Salary Transfer Information
When transferring a posted salary, users can expect MyFD to calculate and transfer associated benefit expenditures, using the correct historical rates. For example, if a salary needs to be transferred from May 2016, MyFD will transfer the benefits rate from the time in which the expense originally occurred.
Some transfers are not able to be made with MyFD expense transfers including deficit, lump sum and revenue transfers. For more information on transferring these items, visit the MyFD Journal Voucher webpage.
- For Grant & Contract Accounting Budgets:
Need More Information?
See our Expense Transfer FAQs.