New CD Accounts

jfoster182 · Post by **jfoster182** » Tue May 17, 2005 1:43 pm

Our treasurer has transfered some money out of one of our checking accounts and placed it into 3 different CD accounts. How do I go about setting up these separate accounts and transfering the funds from the checking account into the CD accounts?

Randy B · Post by **Randy B** » Thu May 19, 2005 10:55 am

There are few ways that you could go about doing this possibily. It sounds as though no check was written. The funds were transferred by the bank. If so, I would do a journal entry debiting your CD investment account and crediting your cash account(s). I would establish one object account for CD investments across all funds.

jfoster182 · Post by **jfoster182** » Thu May 19, 2005 4:16 pm

Can you explain to me a bit more in detail about what you mean by establishing one object account for CD investments? I came into this position with the chart of accounts etc. already set up, I notice that my chart of accounts has an account set-up for "Certificates of Deposit" as an asset account.

Thanks!
Jody Foster[/i]

Randy B · Post by **Randy B** » Fri May 20, 2005 8:01 am

Use your account that you have set up as Certificate of Deposit. It is correct that the CD is an asset account.