release from restriction months after transacation

[Sandy]

We need more seats for out sanctuary and members donated funds to that cause. I set up a restricted acct for the chars using the wizard. At a business meeting it was decided that we would get the chairs needed and pay the difference from the general fund. Since people were still donating I just made the transaction all from the general fund. Now I have restricted funds for the chairs and am not sure how to handle the restricted funds. I think I can just release the funds using the 4800 acct and the 4999 acct, but want to make sure before I do it.

Thanks for any help on this subject.

Sandy

[JohnDMeyers]

If you spend $5,000 for the chairs, total, and you are taking $4,000 from General Fund and $1,000 from Restricted donations, it would look like this:

Buy the chairs:
CR 01-1110-000 checking $5,000.00
DB 01-5410-000 chairs $5,000.00

Release from Restriction ($1,000)
DB 01-4810-000 chair restriction release $1,000.00
CR 01-4999-000 general release $1,000.00

I think you were going to do this, but just wanted to confirm it.

When you are done, your income/expense sheet will show a positive $1,000 in the Restricted Income account (usually somewhere in the 4200s) and a negative -$1000 in the 4810 account. These amounts will "zero-out" when you close the end-of-year.

[Sandy]

Thank you John, This is what I wanted to do. Just needed confirmation. Also thanks for the detail about the offsetting accounts till the end of the year. I would have wondered if that were correct.

I have another question, same concerning a liability account.

We did a Financial Peace program and since we knew some people would not be able to pay the full amount some donations were accepted to help cover the expense. After the class was over and everyone paid what they could, we still have a small amt. in the pass thru liability acct. I may have done this all wrong put now I need to put those remaining funds into the general budget. Can you help with this?

Thanks

Sandy

[JohnDMeyers]

We are doing a Financial Peace seminar this fall, as well.

The people who did not take the class, but gave money were entered this way:
DB 01-1110-000 checking
CR 01-2810-000 pass-thru liability

To move that money to General Tithes and offerings, I would do this:
DB 01-2810-000 pass-thru liability
CR 01-4010-000 General tithes and offerings

[Sandy]

Awesome, Thank you so much!