What are Cost Code Transfers within Parish and Town Councils

This option exists to move an amount from one code to another.

An example of where this would be used is for a nominal transfer from one budget to another, all internal to the council, where no actual payment out by the council occurs.  A code transfer should be used, and not a payment or receipt transaction.  This will show up in summary reports etc, but not affect the bank or the total expenditure by the council.

A payment transfer will reduce the payments shown against the source (from) code and increase the payments of the destination (to) code. Similarly, a receipt transfer will reduce the receipts shown against the source (from) code and increase the receipts of the destination (to) code. The transfer does not create a payment on one code and a receipt on the other, as this would affect the receipts and payments accounts of the Council.

 

Cost Code Transfers within Scribe Accounts

Scribe Accounts has a specific transaction type called Code Transfers which enables you to easily transfer from one code to another without impacting the budget. They do not have to relate to any specific transaction, but are available so that activity and budgets can better correspond.

 

How to Add a Cost Code Transfer

Go to Transaction → Cost Code 

Click on Edit/Add Record, or the blue plus icon next to ‘Cost Code Transfers’.

Enter the date you want the transfer to take place.

Enter the amount to be moved.

Select whether the amount to be moved relates to a Payment or a Receipt.

Choose a code from the drop down list for the amount to be moved from.

Choose a code from the drop down list for the amount to be moved to.

A unique description can be added in the Comments box to assist when looking up transfers later.

Click 'Add’ to finish

 

The saved transfers will appear in a list format on the Code Transfer page, and will be available in certain reports.

The list will be shown in date order and the description entered in Comments shown against each entry.

• A code transfer will not create a new transaction as you are not making extra receipts or payments.
• A code transfer record will be created, but they are not shown as journals because they do not relate to existing transaction records.
• These transfers will be applied to the codes when you view them or report on them, so that the reports give a truerindication of the actual business of that service.
• You can produce a list of the code transfers, and can also view the overall position including code transfers as part of the Detailed Cost Centre Report.
• Your end of year accounts, including the Annual Return, will be based on true cost of service and will take into account the code transfers.

 The entry screen has one section of information to complete which are dealt with below. The asterisk (*) denotes mandatory fields.