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We have a savings account that the Vestry has decided to restrict for a Centennial Celebration. What accounts do I use to transfer the funds to our existing Centennial Fund (restricted) from our Savings Account (unrestricted)?

stmarys wrote:We have a savings account that the Vestry has decided to restrict for a Centennial Celebration. What accounts do I use to transfer the funds to our existing Centennial Fund (restricted) from our Savings Account (unrestricted)?

Some additional information is needed, such as are these both in the same Accounting Fund ??

Yes, both are in the same Accounting Fund.

stmarys wrote:Yes, both are in the same Accounting Fund.

If these fund were initially listed as unrestricted income, then they are probably showing in the unrestricted fund balance account (equity). You would need to debit the unrestricted fund balance and credit the temporarily restricted fund balance account for that Centennial Account.

You would then write checks from the Savings account (I'm assuming its money market checking??) and release funds from the restricted account.

Of course, I would first make a complete backup of the database before entering this transaction to make sure you can restore to the beginning in case the system doesn't look 'right' I'd run a Trial Balance report and make sure that everything balances out to zero to verify.