Transfer Processes

This article provides guidance to using eActivities to make financial transfers. These can be used in a range of circumstances, from saving for a large purchase to correcting an incorrect activity code. 

The table below lists the transfer processes available and when each should be used;

Internal ChargingInternal charges are used when you have provided goods/services to another Club, Society or Project within the Union. 
Transaction CorrectionTransaction corrections are for use when you have income or expenditure posted incorrectly in your online transaction pages. You can correct transactions between funding codes.
Members Funds Redistribution

Members funds represent the final balances on any activity codes from the previous year(s). Members funds redistributions are used for moving money between activity codes within the member's fund account.

Designated Members FundsIf your CSP wants to save for a future large expenditure you can set up a Designated Members Fund (DMF) account. 
You will only be able to complete any of these actions if you are the Chair or Treasurer of a Club, Society or Project. If you are unsure about which process to use you should contact your Management Group Treasurer or Chair.

Internal Charging

Requesting an Internal Charge

Navigate to Finance > Transfers > Internal Charging

It will default to the 'New Submission' subtab. Fill in details as below to request the Internal Charge.

  • Receiving Committee - The CSP that will recieve the funds. If the required CSP does not appear in the drop down, please ensure you have the correct role selected.
  • Committee Being Charged - The CSP that will be charged. 
  • Charge Date - The date the transaction should be transfered
  • Notes - These need to be clear and explain why the charge is needed. 

When you have filled in these fields a set of boxes will appear. Complete details of the description of what you are charging, the account, activity, funding and the amount you wish to be credited. The codes indicate where the money will go into your accounts. Then click 'Commit'.

Approving an Internal Charge Against your Committee

Navigate to Finance > Transfers > Internal Charging in the main menu.

There will be a list of any internal charges requiring authorisation by you. You will need to decide where each internal charge should be paid from.

Select an internal charge and view the details of the request, fill out all the fields and check on your transaction pages whether the Club, Society or Project has the funds available to process the charge. If you are happy to approve the internal charge click 'Authorise'. Depending on the value of the internal charge it may require further approval. Internal charges are processed by the Union Finance Team within five working days of being fully approved.

Transaction Corrections

Navigate to Finance > Transfers > Transaction Corrections 

Under the 'New Submission' subtab, under the 'Transaction Corrections' main tab. Fill in details as below to request the Transaction Correction.

  • Committee - The CSP which requires the transaction correction. If the required CSP does not appear in the drop down, please ensure you have the correct role selected.
  • Total Correction Amount - The total amount of funds that need to be corrected. You can correct multiple lines at once, provided the total covers all of them.
  • Notes - These need to be clear and explain why the correction is needed. 

When you have filled in these fields a set of lines will appear. Complete details of the description of what you are rectifying, the account, activity, funding and amount. You then need to click on the 'To lines' tab. Here you will need to fill out the information for where this transaction should be moved to.

It is important to recognise that you are amending an incorrect posting.

How you enter the correction will depend on whether you are correcting an income or an expenditure line: 

  • Income: enter the incorrect code in the From (debit) field and enter the correct code in the To (credit) field.  
  • Expenditure: enter the incorrect code in the To (credit) field and enter the incorrect code in the From (debit) field.  
 From (Debit)To (Credit)
Income (400-599)Incorrect codeCorrect code
Expenditure (600-999)Correct codeIncorrect code

When you are finished click 'Commit'. Transaction corrections require approval at the same levels as expenditure does, see Appendix for expenditure approval limits. Transaction corrections are processed by the Union Finance Team within five working days of being fully approved.

Note: you cannot move income from Grant (0) into SGI (1). If an expense has been coded incorrectly as SGI, you will need to move the expense from SGI into Grant, not the other way round.  

Members Funds Redistribution

The Members Funds Redistribution function is used for moving money between activity codes.

Important: This form only moves money within Members Funds (225).

Navigate to Finance > Transfers > Members Funds Redistribution 

It will default to the 'New Submission' tab. Fill in details as below; when you have filled in these fields a set of boxes will appear. Complete details of the description, activity and the amount in the From Lines and To Lines sections, then click 'Commit'.

  • Committee - The CSP which requires the transaction correction. If the required CSP does not appear in the drop down, please ensure you have the correct role selected.
  • Funding - This will only allow you to select Members Funds (225).
  • Total Correction Amount - The total amount of funds that need to be corrected. You can correct multiple lines at once, provided the total covers all of them.
  • Notes - These need to be clear and explain why the correction is needed. 

This form allows you to move money between activity codes. This should normally be used to balance profits or losses from individual activity codes. For example, the Canoe club ran an event for which they sold tickets with the income and expenditure going into “Christmas Dinner (48)”. The event was successful and generated a profit of £285. Using the members fund redistribution, this money can be moved from (48) to General (00). Amounts within this code are purely to balance income or expenditure within other codes.

Be careful not to create overspends within Activity codes with this form.

Designated Members Funds

If your Club, Society or Project wants to save for a future large expenditure (e.g. new equipment or events) you can set up a Designated Members Fund (DMF) account. These accounts are administered through eActivities and are only available once you have had an account approved by Clubs & Societies Board. For more information on applying for a DMF please contact the Deputy President (Finance & Services).

Transferring Money to your DMF

Select Finance > Transfers > Designated Members Funds

It will default to the 'New Submission' subtab, under the 'Designated Members Funds' main tab. You then need to populate the form.

Note down the amount you want to transfer, and add some notes for future reference. Fill in the sub-tabs 'From Lines' and 'To Lines' with the information about where you want the money to come from in your accounts and into which DMF you want to save money to respectively. DMFs are shown in a different tab on your transaction pages called Amount in Designated Members Funds. When you are finished click 'Commit' and the transfer will be submitted for approval.

It will take up to five working days to process the transfer of funds. For queries please contact the Union Finance Team.

Viewing Previous DMF Transfers

Select the 'Authorised Transfers' subtab and you will see a list of all previous transfers to DMFs. You can click on the Transfer number to see more details of each transfer.

View DMF Balance

Select the 'Amount in Designated Members Funds' subtab, where you can view the amount of money in each of your DMFs.

 

If you have any queries about the above information please contact activities@imperial.ac.uk

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