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I have little to no accounting experience but I am trying to handle the accounting for our church. We use PC Version 8.5. We recently opened a money market and I want to transfer the money from checking to the money market and keep track of the balance in the MM separately from the Checking Account. Should I set it up as a separate fund? How do I post this transaction? Debits/Credits - Thanks!

sba35811 wrote:I have little to no accounting experience but I am trying to handle the accounting for our church. We use PC Version 8.5. We recently opened a money market and I want to transfer the money from checking to the money market and keep track of the balance in the MM separately from the Checking Account. Should I set it up as a separate fund? How do I post this transaction? Debits/Credits - Thanks!

What was done at a previous church was that all operating fund deposits went into the Money Market account under the Operating Fund 1. The regular checking account was also under this account.

When the treasurer needed to pay bills, she made a transfer from the MM account to the Checking account, both internally, and via a funds transfer transaction done online at the banks website.

Both had their own balances, and bank statements, etc.