User Support Forum

Our church has a policy that dictates that certain designated (restricted) funds that have a balance at the end of the year, the money is rolled over to the general fund. So at the end of 2011, I entered accounting transactions for any of those funds to move the balance to the general fund. But now I'm not sure I did it correctly or completely. Here is an example of what I did in Music Ministry fund...........

DB 01-4855-111 Music Ministry Release 50.00
CR 01-4999-000 Released from restriction 50.00

does that take care of everything so that our income/asset accounts are correct also?

Thanks,
Debbie

The transaction would release the money from the Music Ministry restriction. There would not be any change in an asset account. You will see the Music Ministry equity account go down and the Unrestricted Equity account increase. What accounts were you expecting to change?

Here's what you will see before and after on your balance sheet:

Before your transaction:

Unrestricted Net Assets
..Unrestricted Net Assets $40,000
Temporarily Restricted
..Music Ministry $600

After your transaction

Unrestricted Net Assets
..Unrestricted Net Assets $40,050
Temporarily Restricted
..Music Ministry $550

I think this is correct for what you intended on .

thanks to you both (Jeff and John). So I guess I did do it correctly. when I ran a balance sheet for the following month, I can see that the 2 restricted accounts that I rolled money out of, are no longer showing any balance. I guess I wasn't sure where I was supposed to see the difference.
Thanks again!
Debbie