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A church I'm working for received a sum of money that they used to open a money market account, not in the bank they have their main checking in. That's a good thing, but I'm stumped about how to craft the Journal Entry to open the account.

I get that I need to add an Asset account to the Chart of Accounts and debit it for the opening balance.

But what account do I credit? I'm stuck. Thanks, all!

onemore4gsus wrote:A church I'm working for received a sum of money that they used to open a money market account, not in the bank they have their main checking in. That's a good thing, but I'm stumped about how to craft the Journal Entry to open the account.

I get that I need to add an Asset account to the Chart of Accounts and debit it for the opening balance.

But what account do I credit? I'm stuck. Thanks, all!

Its a donation, right?? You would have to use or create an income account to account for that money coming in.

Hi, Neil. Kind of. It's a settlement, but I believe your answer is still applicable.

Thank you for taking the time to reply and help me out. Creating a coordinating income account makes perfect sense.

It doesn't have to be specific for that account, it could be called Miscellaneous Income, which covers most anything other than offerings.

Thanks, Neil. Great advice, since I can use it for future deposits not "transferred."