anyone willing to share sample of close tos?

[nccchurch]

I am trying to find a sample of which close to accounts to use when we are dealing with restricted accounts. Is there anyone who would be willing for me to see, or to tell me the following:

My temp restricted building fund income account should close to ?
My released from restriction account should close to?
My expense accounts should close to?

My equity accounts are 3110 Unrestricted Equity and 3115 released from restriction...but I also have a 3210 that is entitled BBF restricted and a 4810 BBF release and
4999 released from restriction

I am thinking that I have too many accounts and that it should be simpler.

Thanks for any help you can give.

Kathy

[JohnDMeyers]

Account 3115 sounds a little dubious. I probably wouldn't directly transact anything to that account. Equity accounts are not release accounts. It may be mislabeled, however.

Here's how to set up a restriction:

Create restriction:
01-3210-101 Radio Fund Equity (Temporarily Restricted)
01-4210-101 Radio Fund income (Temporarily Restricted) closes to 3210-101
01-4810-101 Radio Fund Release (Temporarily Restricted) closes to 3210-101

Besides that 4999-000 closes-to 3110-000, which is already set up.

When you take in $1000 restricted money (this is usually set up in Contributions)
DB 01-1110-000 $1000
CR 01-4210-101 (closes to 3210-101) $1000

When you spend money is when you release the restricted income for that amount. So if you spend $500 of restricted money on a building asset, there would be four accounts involved, like this:
CR 01-1110-000 checking $500
DB 01-1810-000 building asset (closes to 3110-000) $500
DB 01-4810-101 building release (closes to 3210-101) $500
CR 01-4999-000 general release (closes to 3110-000) $500

[nccchurch]

Thank you so much!! That makes sense to me.

[NeilZ]

FWIW ... it is STRONGLY ADVISED by the Powerchurch staff to use the Restricted Funds wizard to setup Restricted Funds. It will walk you through the setup of the various accounts.

[nccchurch]

Neil,
Where is the restricted funds set-up wizard? I can't find it in preferences

[NeilZ]

Neil,
Where is the restricted funds set-up wizard? I can't find it in preferences

Its under Funds Accounting => Setup => Maintain List of Donor Restrictions

Click on the ADD button .. and the Wizard will walk you through setting up the restricted account.

Don't let the 'Donor Restrictions' title throw you off, it can be used for ANY temporary or permanent restricted account setup.

[nccchurch]

Thank you!!!