Transfer or Release from Restriction

[Heidilr1]

We have 2 checking accounts and 1 savings account at the bank: 1. General Fund; 2. Missions Fund; 3. Restricted Funds (this is the savings account). Since the RF is a savings account, we make most of our disbursements out of the GF and then make 1 monthly transfer from the RF to the GF account.

In Powerchurch, I'm trying to understand when I would Release Restricted Funds. It seems like I would just use the transfer accounts instead - disbursing the money from the checking account and then transferring it from the RF instead of releasing restricted funds.

Is this correct?

[Eden Whitehead]

We have 2 checking accounts and 1 savings account at the bank: 1. General Fund; 2. Missions Fund; 3. Restricted Funds (this is the savings account). Since the RF is a savings account, we make most of our disbursements out of the GF and then make 1 monthly transfer from the RF to the GF account.

In Powerchurch, I'm trying to understand when I would Release Restricted Funds. It seems like I would just use the transfer accounts instead - disbursing the money from the checking account and then transferring it from the RF instead of releasing restricted funds.

Is this correct?

Are your banking accounts each in a separate PowerChurch fund account? Or are all 3 banking accounts set up in the same fund account (typically, 01)?

If separate fund accounts, then yes - you would use the transfer accounts to move monies from one banking account to another.

If you have just one fund account with all 3 banking accounts in it, then you would simply debit and credit the appropriate banking (asset) account.

Do you receive the PowerChurch newsletter online? The current issue has an explanation of using Release Restricted Funds in conjunction with designated (restricted) contributions.

Hope this helps,
Eden

[Heidilr1]

Yes, I have them in 3 separate funds (1, 2, & 3). So I will use transfer accounts and not release accounts.

And thank you for the heads up on the newsletter. I didn't even know there was one!