Setting up a Beginning Fund Balance
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donanaliza
- Posts: 4
- Joined: Tue Jul 20, 2004 1:24 pm
- Location: Family Worship Center
Setting up a Beginning Fund Balance
I have all the money in the Gen. Fund. I want to start a Bldg. Fund. I want to transfer x amount of dollars from Gen. Fund to Bldg. Fund to start this fund off. I must start with a beginning fund balance right? How do I do the transaction to start a beginning fund bal., and then how do I transfer funds from Gen. Fund to Bldg. Fund? I have my chart of accounts for a Bldg. fund already. Thanks for any help. Sherry
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Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
Sherry,
I assume the money you want to transfer is in your checking account in your General Fund. Let's assume you want a beginning fund balance of $10,000 in your Building Fund and your Building Fund is Fund 02. This can be accomplished by inputting the following journal entry:
DR 01-3001-000 $10,000.00
CR 01-1110-000 $10,000.00
DR 02-1110-000 $10,000.00
CR 02-3001-000 $10,000.00
To enter this, go to Accounting/Fund Accounting/Enter transactions.
I hope this helps.
Matt
I assume the money you want to transfer is in your checking account in your General Fund. Let's assume you want a beginning fund balance of $10,000 in your Building Fund and your Building Fund is Fund 02. This can be accomplished by inputting the following journal entry:
DR 01-3001-000 $10,000.00
CR 01-1110-000 $10,000.00
DR 02-1110-000 $10,000.00
CR 02-3001-000 $10,000.00
To enter this, go to Accounting/Fund Accounting/Enter transactions.
I hope this helps.
Matt