example of deposit in Fund Accounting

[morningsideumc]

a church fundraiser dollars are deposited into the checking account and to be held in the ABC account. Which accounts do I debit and credit in order for the funds to show up in ABC? Can I do that in 2 lines or will I need 4? Sorry, double entry bookkeeping just throws me for a loop...

[NeilZ]

a church fundraiser dollars are deposited into the checking account and to be held in the ABC account. Which accounts do I debit and credit in order for the funds to show up in ABC? Can I do that in 2 lines or will I need 4? Sorry, double entry bookkeeping just throws me for a loop...

What is 'ABC' account? Is it an income account? Restricted Income Account ?? or what.

[ngaham]

a church fundraiser dollars are deposited into the checking account and to be held in the ABC account. Which accounts do I debit and credit in order for the funds to show up in ABC? Can I do that in 2 lines or will I need 4? Sorry, double entry bookkeeping just throws me for a loop...

What is 'ABC' account? Is it an income account? Restricted Income Account ?? or what.

If it is an account that holds money, wouldn't it have to be a Equity account?
I am new to this, but I'll try to explain this and hope I'm right. You would debit the bank account and credit the income account, with the income account closing to the ABC equity account. I would get a second opinion as I'm a beginner.

[NeilZ]

a church fundraiser dollars are deposited into the checking account and to be held in the ABC account. Which accounts do I debit and credit in order for the funds to show up in ABC? Can I do that in 2 lines or will I need 4? Sorry, double entry bookkeeping just throws me for a loop...

What is 'ABC' account? Is it an income account? Restricted Income Account ?? or what.

If it is an account that holds money, wouldn't it have to be a Equity account?
I am new to this, but I'll try to explain this and hope I'm right. You would debit the bank account and credit the income account, with the income account closing to the ABC equity account. I would get a second opinion as I'm a beginner.

Not necessarily. An equity account in funds accounting, which is a cash-basis type of accounting, is can be called Net Assets, Fund Balance, or Equity. This type of account lists how much the organization is worth.

You're right about the deposit, but the income account is exactly that .. INCOME .. it tracks what is brought in; the checking account is the ASSET account, which covers things you own. All this is covered in the Powerchurch v11.5 manual, pages 174 & 175.

However, the question was asked because the person who asked it did not give enough information. The ABC account could be unrestricted income which can be used without any prohibition. In the narrative the questioner said it was to be held in which case it would be wrong to crediting the unrestricted income account. These funds sound like they would be put in a Temporarily Restricted Account. Of course, they could also be talking about a entirely separate Accounting FUND.

Which is why more information is needed from the original questioner. Trying to answer a question on the help forums without full details can only cause misunderstandings, and throw off someone's books.