Transfer within fund
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AccountantChurch1980
- Posts: 1
- Joined: Mon Jan 23, 2012 11:45 am
Transfer within fund
Our church each year provide monies for each department. I want to move monies from general checking to each equity account. How is this done?
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JohnDMeyers
- Posts: 1338
- Joined: Sun Oct 07, 2007 9:50 am
- Location: Potsdam, NY
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Re: Transfer within fund
If you are talking about moving a random sum of money from a bank account into different designations, you may want to do with asset accounts.
01-1110-000 checking
01-1110-001 department #1
01-1110-002 department #2
Move $100 from checking to department #1
CR 01-1110-000 checking $100
DB 01-1110-001 department #1 $100
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If you are talking about a one-to-one correspondence between income and departments, then you can change the "closes-to" on those specific income accounts, as described below:
Add in Chart of Accounts - assuming unrestricted net assets:
01-3111-000 department #1 equity
01-3112-000 department #2 equity
Then, modify the income accounts associated with these departments:
01-4111-000 department #1 income ----> closes to 01-3111-000
01-4112-000 department #2 income ----> closes to 01-3112-000
01-1110-000 checking
01-1110-001 department #1
01-1110-002 department #2
Move $100 from checking to department #1
CR 01-1110-000 checking $100
DB 01-1110-001 department #1 $100
---------------
If you are talking about a one-to-one correspondence between income and departments, then you can change the "closes-to" on those specific income accounts, as described below:
Add in Chart of Accounts - assuming unrestricted net assets:
01-3111-000 department #1 equity
01-3112-000 department #2 equity
Then, modify the income accounts associated with these departments:
01-4111-000 department #1 income ----> closes to 01-3111-000
01-4112-000 department #2 income ----> closes to 01-3112-000
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