Credits & Debits-I'm sooo confused

[karenee]

I don't know where to start. I'm confused about entering new transactions. Our bank statement has EFT's and online $ transfers to our building fund money market account (01-1220) which is an asset. When we do a bank transfer from our default bank acct. (01-1110) or an electric fund transfer, which account do I debit and which one do I credit?
I guess I need Accounting 101.
All of my expense funds are listing as credit to bank and debit to the fund charged (i.e. church phones, postage, etc.)

Any help I can get with this would be greatly appreciated.

[NeilZ]

Shouldn't this be under the Accounting catagory ??

[karenee]

It should be. But the powerchurch manual doesn't say much about "Accounting concept". I've been told if you want to credit an account you have to put it in as a debit, etc. I just want everything going in and coming out of the right place. I just a little confused about it.

[Matt]

If you transfer money from your bank account to your money market account you should post the following entry:

Debit 01-1220 Money Market Account
Credit 01-1110 Bank Account