transfers v1.1

Transfers

imperialcollegeunion.org/trainingimperialcollegeunion.org

Transfers2012/13 Edition

Transfersimperialcollegeunion.org/training

Contents

Contents 2

Introduction 3

Transfer processes 4

Requesting an internal charge 5

Approving an internal charge 6

Transaction corrections 7

Funding redistributions 8

Members Fund Redistribution 9

Designated Members Funds 10

Help and Assistance 12

© 2013 Imperial College UnionVersion 1.1 - 21 January 2013

Transfers

imperialcollegeunion.org/training

Introduction

What is this booklet for?

The Transfers booklet is a guide to using eActivities to make Internal Charges, Transaction Corrections, Funding Redistributions and moving SGI to Designated Members Funds.

This booklet assumes you are familiar with basic use of eActivities - logging in and selecting roles. It also assumes familiarity with online transaction pages, Transaction Codes and Activity Codes as described in the Core Finance booklet. Until you pass the Core Finance and Transfers quizzes you will not be able to use the functionality described in this booklet.

Further inquiries

If you are looking for help with using eActivities for other tasks please see the Core Finance booklet. If you have any difficulties with eActivities, or there is a problem with the system you should contact the Union’s Systems Coordinator by emailing [email protected].

Should you have any queries relating the the financial basis of any transfers please contact the Clubs & Societies Finance Administrator by emailing [email protected]

Stefan NubertDeputy President (Finance & Services)E: [email protected]: 020 7594 8060, extension: 58062


Transfer Processes

Process Description Examples

Internal Charging

If you have supplied goods or services to another part of the Union and require payment. Internal Charging should be considered as an invoice for within the Union.

Charging another Society for hire of some of your equipment, or being charged by the Union for a bar night.

Transaction Correction

Transaction corrections are for use when you have income or expenditure posted incorrectly in your online transaction pages. You can correct transactions between funding codes.

Correcting an incorrect posting of expenditure on travel in SGI to Grant.

Funding Redistribution

Funding redistribution is for use when you wish to move money around within a specific funding code on your transaction pages.

Moving an amount of Self Generated Income from one activity code to another, say the surplus from an event into your general funds.

Designated Members Funds (DMF)

If your Club, Society or Project wants to save for a future large expenditure 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 via application to the Clubs & Societies Board. For more information on applying for a DMF please contact the Deputy President (Finance & Services).

Saving over multiple years for a large purchase, for example a boat or another piece of equipment.

The below table lists the four transfer processes available and when each should be used. If you are confused about which process to use you should contact your Management Group Treasurer in the first instance, further people who can help are detailed in the Help and Assistance section. You will only be able to any of these actions if you the Chair or Treasurer of a Club, Society or Project. To request any of the transfers log into eActivities and select your role in the Club, Society or Project for which you are requesting the transfer.

Transfers


Requesting an Internal Charge

Internal charges require approving at the same level as expenditure by the people responsible for the group being charged - not the group receiving the money. Internal Charges as expenditure items will appear on your transaction pages mainly for payments for services from the bars, and for the use of minibuses.

You should request an Internal Charge if you want to receive money from someone else. If you are being charged please see the next section on Approving an Internal Charge.

Navigate to Finance then to Transfers and finally to Internal Charging. The screen below will appear. It will default to the New Submission subtab.

Fill in details as below to request the Internal Charge.

Select the Club, Society, Project or Union department you want to charge from the drop down list.

Include any extra information here about the charges.

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. These codes indicate where the money will go in your accounts. Then click Commit.


Approving an Internal Charge

To approve an internal charge you need to be the Chair or Treasurer for a Club, Society or Project and have completed the Key Information, Core Finance and Transfers quizzes. The person who has requested the internal charge CANNOT also approve it.

When you log into eActivities and navigate to Finance then to Transfers and finally to Internal Charging in the main menu you will be directed to the screen below. A new tab will appear called List requiring authorisation. In this tab are the internal charges which can be approved by you. You will need to decide where each internal charge should be paid from. Click on Internal Charge Details to view the screen below.

View the details of the request for the Internal Charge, fill out all the fields and check on your transaction pages whether the Club, Society or Project has the funds available. If you are happy to approve the internal charge click Authorise.

Depending on the value of the internal charge it may require further approval, details are given in the Core Finance training. Internal charges are processed by the Clubs & Societies Finance Administrator within five working days of being fully approved.

Transfers


Transaction Corrections

Navigate to Finance then to Transfers and finally to Transaction Corrections. The screen below will appear. It will default to the New Submission subtab, under the Transaction Corrections main tab.

Fill in details as below to request the Transaction Correction.

Fill in the correction amount here.Include any relevant notes here.

When you have filled in these fields a set of boxes will appear. Complete details of the description of what you are rectifying, the account, activity, funding and amount.

When you are finished click Commit. Transaction corrections require approval at the same levels as expenditure does, details in the Core Finance booklet. Transaction corrections are processed by the Clubs & Societies Finance Administrator within five working days of being fully approved.

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.


Funding Redistribution

The Funding Redistribution function is used for moving money within a specific funding code. Navigate to Finance then to Transfers and finally to Funding Redistribution. The screen below will appear. 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 account, activity and funding codes together with the amount, then click Commit.

Once you have clicked Commit the items will appear on the My Submissions in Progress tab until they are approved.

The Funding Redistribution entries require approval at the normal levels of expenditure, details are given in the Core Finance booklet.

Transfers


Members Funds Redistribution

The Members Funds Redistribution function is used for moving money between activity codes. Navigate to Finance then to Transfers and finally to Members Funds Redistribution. The screen below will appear. 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 both the to and from sections, then click Commit.

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 if 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).

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

The Members Funds Redistribution entries require approval at the normal levels of expenditure, details are given in the Core Finance booklet.


Designated Members Funds

If your Club, Society or Project wants to save for a future large expenditure 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 CSB. For more information on applying for a DMF please contact the Deputy President (Finance & Services).

Transferring money to your DMFs

Select Finance from the top menu, then click Transfers and finally Designated Members Funds. The screen below will appear. It will default to the New Submission subtab, under the Designated Members Funds main tab.

Include the total amount you want to transfer here.

Include some useful notes for record purposes here.

Once you have done this the following lines will appear.

Transfers


Designated Members Funds cont...

Fill in the subtabs 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. The transfer requires approval at the normal levels of expenditure, details are given in the Core Finance booklet. It will take up to working five days to process the transfer of funds, for queries please contact the Clubs & Societies Finance Administrator.

Select the Authorised Transfers subtab and the screen below will appear. 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.

Viewing Previously Transferred DMFs

Select the Amount in Designated Members Funds subtab and the screen below will appear where you can view the amount of money in each of your DMFs.


Help and Assistance

Stefan NubertDeputy President (Finance & Services)[email protected] 7594 8060, extension 58062

Stefan is the Sabbatical responsible for finances. He is also responsible for approving all expenditure over £1000

Ally CottSystems [email protected] 7594 6412, extension 46412

Ally is responsible for eActivities, speak to him if you discover an error with the system, he cannot help with financial content queries.

Aziz BilgramiClubs & Societies Finance [email protected] 7594 1514, extension 41514

Aziz is responsible for administering the finances of Clubs, Societies & Projects.

Malcolm [email protected] of Finance020 7594 8069, extension 48069

Malcolm is the lead finance staff member. He can help with complicated finance queries.

Help and Assistance

You may need some help with what is discussed in this booklet, the table below summarises who can help.

Transfers


Imperial College UnionBeit QuadranglePrince Consort RoadLondon SW7 2BB

Tel: 020 7594 8060Fax: 020 7594 8065Email: [email protected]: @icunionimperialcollegeunion.org

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