We set up a new building fund which had $385.00 that we wanted to transfer into another bank account. When I cut the check I entered it like I was paying an expense...I know this is wrong but how do I fix it, for it now shows up as an expense we made instead of a transfer.
Keep in mind I don't know alot about accounting, so please explain in detail!!
Transfer Question
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jfoster182
- Posts: 35
- Joined: Mon Jun 07, 2004 9:15 pm
The check I cut posted like this
Debit Credit
01-1110-000 Bank of Billings 0.00 615.00
03-1110-000 Bank of Billings 0.00 385.00
01-1111-000 Peoples Bank 615.00 0.00
03-5104-304 Building Fund 385.00 0.00
But, it only credited my Peoples bank for the 615.00 and showed the $385.00 as an expense out of the building fund.
How do I correct this and how should I do this in the future as I have another transfer to make tomorrow!!!
Debit Credit
01-1110-000 Bank of Billings 0.00 615.00
03-1110-000 Bank of Billings 0.00 385.00
01-1111-000 Peoples Bank 615.00 0.00
03-5104-304 Building Fund 385.00 0.00
But, it only credited my Peoples bank for the 615.00 and showed the $385.00 as an expense out of the building fund.
How do I correct this and how should I do this in the future as I have another transfer to make tomorrow!!!
J Foster
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Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
I'm confused--I can't tell for sure from your post which accounts were debited and credited. Did you write one check for $1,000.00? Also, which fund is your building fund--01 or 03? If you can answer these questions and tell me what cash balance you want posted to People's bank vs. Bank of Billings I'll be better able to advise you on how to fix this.
Sorry to confuse you!
Our building fund is 03, I wrote the check for $1000.00 however only the $615.00 that wasn't taken out of the building fund shows up on my bank register and the $385.00 shows up as an expense out of the building fund instead of a transfer? I want to show that I transfered $1000.00 to People's Bank while taking the money that was designated towards the building fund out of that fund and showing it transfered to the People's account. Does that make sense?
Our building fund is 03, I wrote the check for $1000.00 however only the $615.00 that wasn't taken out of the building fund shows up on my bank register and the $385.00 shows up as an expense out of the building fund instead of a transfer? I want to show that I transfered $1000.00 to People's Bank while taking the money that was designated towards the building fund out of that fund and showing it transfered to the People's account. Does that make sense?
Jody Foster
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Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
Ok. I think I understand now. Here's how you can correct this.
1). Set up account 03-1111-000 for Peoples Bank in your building fund.
2). Reverse or void the transaction for the check you wrote.
3). Reinput the check as follows:
DR 03-1111-000 385.00
CR 03-1110-000 385.00
DR 01-1111-000 615.00
CR 01-1110-000 615.00
1). Set up account 03-1111-000 for Peoples Bank in your building fund.
2). Reverse or void the transaction for the check you wrote.
3). Reinput the check as follows:
DR 03-1111-000 385.00
CR 03-1110-000 385.00
DR 01-1111-000 615.00
CR 01-1110-000 615.00