User Support Forum

I want to make sure I record the following entries correctly and need a little help. We have a fund (Haiti Trips) in which we keep track of moneys donated/given for our mission trips. Each person has a sub account in their name, i.e.:

05-1230-511 = my savings asset
05-1110-511 = my checking asset
05-4100-511 = my income
05-6016-511 = my expense.

As money comes in from/for each person it goes into their savings asset account. Then we pay trip expenses out of

05-1110-000 = Fund checking.
05-6016-000 = fund expense

So I want to move money from my sub account into this 05-111-000. What are the correct entries? I need a move from savings/sub account to checking asset and an expense to each person. At the end of the process each person on the trip (there are 7) should have a zeroed subaccount.

I hope I have explained the process adequately.

If I understand you correctly, this is what I think you need to do.

Money comes in:
DB 05-1230-511 (my savings)
CR 05-4100-511 (my Income)

Move to checking:
CR 05-1230-511 (my savings)
DB 05-1110-511 (my checking)

Write the checks:
CR 05-1110-511 (my checking)
DB 05-6016-511 (my expense)

Then, if the income and expenses are exactly the same 05-1230-511 and 05-1110-511 will have zero balances and 05-4100-511 and 05-6016-511 will have offsetting balances of equal value.

If I am understanding your question correctly, the trip expenses are initially being paid out of the general accounts. Then, you are wanting to transfer the payment and expenses from the general accounts to the sub accounts for each person, correct?

Assuming I am understanding correctly, here are the entries you would make to transfer the payments. Let's assume you want to transfer $50.00.

Debit 05-1110-000 $50.00
Credit 05-1110-511 $50.00

Debit 05-6016-511 $50.00
Credit 05-6016-000 $50.00

You are almost understanding my question. Yes we are spending out of a general, but the money is currently in a savings account, 1230-511 and transferred to a checking account 1110-000 to be spent. So I need to get it from the savings to the checking account.

This will get it out of savings and into checking

Move to checking:
CR 05-1230-511 (my savings)
DB 05-1110-000( checking)