transfer money btwn 2 asset accounts in the same fund

[lpc8839]

I have to transfer money from a money market account to a checking account that are both in the General Fund. I am familiar with transfering monies between funds, but not between asset accounts within the same fund. Please advise.

[Zorak]

The transaction will simply credit the account where the money is coming from and debit the account where it is going

[T. Fowler]

I have a similar issue and was wondering if the following entry would work:

Credit 01-4072 Bible Quizzing (this is a credit account)
Debit 01-6205 Children's Minisry (this is a debit account)

I am trying to move money from the Bible Quiz account to the Children's Ministry due to an offering.

We have two funds, 01 and 02, that have separate bank accounts. This would not be an actual transfer using transfer accounts because it is in the same fund and the fund is not assigned to itself, so just the two lines of the entry would work?

Thanks!

[JohnDMeyers]

Credit 01-4072 Bible Quizzing (this is a credit account)
Debit 01-6205 Children's Minisry (this is a debit account)

Usually, when an offering comes in, it gets deposited in a bank account. One part of the "usual" income transactions shows an increase (Debit) to the bank account.

In your transaction, you are increasing both income and expense at the same time, without affecting the bank account. In the physical world, this probably isn't possible. You usually increase the bank account when it comes in as income, and decrease the bank account when it goes out as an expense. This transaction in a computer term is a "no-op". It increases both the income and expense by the same amount, and does nothing.

If you have one bank account that is shared by two funds, and you want to show money moving from one fund to the other, you need to affect two accounts in each fund:

Leaving fund 01:
CR 01-1110-000 checking
DB 01-9010-000 transfer

Receiving fund 02
DB 02-1110-000 checking
CR 02-9010-000 transfer

You could use an 01 liability or expense account in place of the transfer account, and an 02 liability or income account in place of the transfer account, depending on the application.

[T. Fowler]

My apologies for the lack of clarity, but I don't need to transfer money from two funds, ie. 01 to 02, but I actually need to transfer money between two sub-accounts in the 01 fund? Is this possible?

[JohnDMeyers]

That transfer is possible, and simple:

DB 01-1110-101
CR 01-1110-102

or something like:
DB 01-1110-101
CR 01-1210-102

[fcpendleton]

I have 5 funds that share the same checking and the same savings account
how do I post a trans to the savings account
I now this is basic but the transaction I did is nor showing up in the savings when I go to reconcile

[NeilZ]

I have 5 funds that share the same checking and the same savings account
how do I post a trans to the savings account
I now this is basic but the transaction I did is nor showing up in the savings when I go to reconcile

FWIW ... its often better to start a new thread, then to open one that's over 5 months old, they tend to be overlooked as SPAMMERs tend to do that to drop a SPAM post.

That said,

More detail on the type of transaction you were trying to post would help. Where was the money coming from ?? Were you moving from checking to savings in the same fund ?? Funds coming in from Contributions ?? Funds being moved from Savings in one fund to Savings in another ??

Having different Accounting Funds access the same checking and/or savings account is not a problem, as that's how we're setup at our church.

[JohnDMeyers]

One reason for a transaction not to show up in the reconciliation window is that you haven't posted it in Fund Accounting. (I often forget to do that when I enter a correction transaction during the reconciliation process).

To answer your basic question, "How do I post to the savings account", the only trick is to have both the debit and credit in the same FUND.

To post a transaction, like transfer from 03 checking to 03 savings:
DB 03-1210-000 savings
CR 03-1110-000 checking

If you do this: (Fund 01 and Fund 03)
DB 03-1210-000 savings
CR 01-1110-000 checking

(you will get a warning) and the Balance Sheets in both funds will be off by the amount of the transaction.