Accounting

[KB]

I need to know how to do a accounting transaction. Our church has 3 CD's under investments (assets), but the CD's are also our building fund (equity). Which is temporary restricted. And the total of all CD's are the building fund. One CD matured and I withdrew money from the general fund at the bank and deposited it into the CD. In Power Church how can I do this transaction? Money withdrawn from the general fund deposited to one of the CD's under investments, and also shown in the building fund under temporary restrticted.

[Matt]

Can you provide the chart of account numbers you are using for the CD's, the building fund equity account, the general fund account the money was transferred from, and the general fund equity account?

[KB]

Hello, This is Kermit

Thank you for responding to my question.
The chart of account numbers that we are using for the CD's are,
1310,1320,1330. The building fund equity account is 3210-101.
And the general fund account number is 1110, and the general fund
equity account is 3110. The CD number we deposited the money into
is the 1330 CD.

[Matt]

Let's say that you withdrew $100 from your general fund checking account and transferred it to the building fund CD. Here's one accounting entry that will record this transfer plus update the building fund equity account that you could do:

Debit 1330 $100
Credit 1110 $100
Debit 3110 $100
Credit 3210-101 $100

[KB]

This is Kermit

I just wanted to thank you for helping us with our accounting problem.
We tried it and it worked and we can move ahead now.

Thanks again and God Bless!