Move Balance from an Individual Location to a Central Location

IRIS Financials has a Central Charge feature for Multi-Academy Trusts who use the central location's bank account for credit card and VAT reimbursement payments.

When a document is posted to the location's Credit Card or VAT Control Account nominal, to move the documents from the individual location to the central location, the Central Charge feature posts two CHAR - Central Charge documents.

The VAT Monitor and Credit Card Monitor nominals are automatically added when IRIS Financials is installed. Any other nominals must be set up to automatically post the CHAR documents when a transaction is posted. If not set up when the document is posted, the second CHAR document is posted to the Hold database.

How Central Charge Works

The first document is posted to move the values between the location's relevant Credit Card or VAT Control Account nominal and their intracompany nominal.

The second document is posted to move the values between the central location's intracompany nominal and their relevant Credit Card or VAT Control Account nominal.

All CHAR documents contain the details of the source document it was created from in userfield 2.