User Support Forum

We have a general fund -01 for all the church activities and has its own bank account with account # 01-1110-000

However, we had a special project and created a restricted fund -90 and opened a separate bank account with account #90-1130-000.

The church decide to move $10,000 from the main 01-general fund to the special project restricted fund -90.

Is this transation used to post the money transfer correct

DR. 90-1130-000 $10,0000
CR. 01-1110-000 $10,000

Since the special fund 90 is a restricted fund with its own separate bank account, do we need to register this $10,000 as an income first instead of a money transfer?

I read the money transfer documents and posts but they all assume that there is only one bank account

Thanks

yw

yaregal wrote:We have a general fund -01 for all the church activities and has its own bank account with account # 01-1110-000

However, we had a special project and created a restricted fund -90 and opened a separate bank account with account #90-1130-000.

The church decide to move $10,000 from the main 01-general fund to the special project restricted fund -90.

Is this transation used to post the money transfer correct

DR. 90-1130-000 $10,0000
CR. 01-1110-000 $10,000

Since the special fund 90 is a restricted fund with its own separate bank account, do we need to register this $10,000 as an income first instead of a money transfer?

I read the money transfer documents and posts but they all assume that there is only one bank account

Thanks

yw

That is not the transaction you would use. Since there is a separate bank account you would need to do something different. You would indeed use a set of transfer accounts. These transfer accounts (9000 series) must be in both funds. This example is directly out of the online help:

01-1110-000 Checking Account CR 750.00
01-9020-000 Transfer to 02 Fund DB 750.00
02-1110-000 Checking Account DB 750.00
02-9510-000 Transfer from 01 Fund CR 750.00

Looking at my reply, I noticed that I used the same number for the bank account, you would use the number of the second checking account that you have setup. 1130-000

Neal:

Thanks for the information. I will set it up as suggested

Thanks

YW