User Support Forum

When you originally transferred the money to the restricted capital fund what accounts were debited and credited to post the transfer? Also, are you using restricted equity, income, and release accounts to record this restriction? Is the restricted capital fund in Fund 01 or another fund? The origi...

Starting in 2005, 10% of our excess income over expense is transferred to a restricted maintenance fund and 40% to a restricted capital fund. In 2006, a new church van was purchased for $26,000. The entry made at that time was - dr 01-1415-000 Vehicles $26,000 cr 01-1115-000 Cash -$26,000 The Restri...