Entry For Moving Money

[reformedchurchplano]

I'm still learning PowerChurch and I do not have an "accouting" background, so please forgive me if this question is so elementary and stupid.

We have 2 asset (bank) accounts: Checking (1110) and Savings (1210). I want to make an entry that shows I transferred $10,000 from the savings to the checking. I understand that a debit increases an asset account, so in my mind I'm thinking the entry should be Debit 1110 and Credit 1210. But, somehow that just seems too easy.

Any help would be greatly appreciated.

[NeilZ]

I'm still learning PowerChurch and I do not have an "accouting" background, so please forgive me if this question is so elementary and stupid.

We have 2 asset (bank) accounts: Checking (1110) and Savings (1210). I want to make an entry that shows I transferred $10,000 from the savings to the checking. I understand that a debit increases an asset account, so in my mind I'm thinking the entry should be Debit 1110 and Credit 1210. But, somehow that just seems too easy.

Any help would be greatly appreciated.

Before you do anything, do a BACKUP so you'll have something to fall back on if something goes wrong.

That said, you have it exactly right ... you debit the checking account, and credit the savings account.

[reformedchurchplano]

Thank you so much for your reply! And, have no fear... I am the "back up" queen!