What is an allocation?

An Allocation record is exactly how that opportunity will be applied to a given Fund. Even if the opportunity is only going towards a single Fund, an Allocation record will be created. You can find the Allocation related list on an opportunity and it will show the exact Amount and Fund. The total of the Allocations should match the total of the Opportunity. If the opportunity is split between multiple Funds, there will be separate Allocation record for each split.