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Former Member
Aug 07, 2007 at 04:09 PM

Transfer of AUC from one fund to another fund

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We are a governmental entity. We have assets under construction. Our Board just approved the official closing of a fund that had AUC. The AUC needs to be transferred to another fund. We attempted posting a journal entry where we credited against the WBS element and debited not referencing the WBS element in the closed fund and debited against the WBS element and credited not referencing the WBS element in the transfer to fund. Then, we went through the settlement process. The CIP moved from one asset sub-number to another asset sub-number. However, the value did not move from the closed fund to the other fund.

Does anyone have any suggestions as to how to accomplish this transfer of AUC from one fund to another?