User Support Forum

Our treasurer has transfered some money out of one of our checking accounts and placed it into 3 different CD accounts. How do I go about setting up these separate accounts and transfering the funds from the checking account into the CD accounts?

There are few ways that you could go about doing this possibily. It sounds as though no check was written. The funds were transferred by the bank. If so, I would do a journal entry debiting your CD investment account and crediting your cash account(s). I would establish one object account for CD investments across all funds.

Can you explain to me a bit more in detail about what you mean by establishing one object account for CD investments? I came into this position with the chart of accounts etc. already set up, I notice that my chart of accounts has an account set-up for "Certificates of Deposit" as an asset account.

Thanks!
Jody Foster[/i]

Use your account that you have set up as Certificate of Deposit. It is correct that the CD is an asset account.