User Support Forum

We recently opened a savings account with our bank which has a separate account number and the bank statement is separate from our checking account statement.

I originally just made the savings account a different fund number. Now that I need to reconcile the accounts, the initial 1000.00 transfer from checking to savings doesn't show up in the reconcile module.

The way it stands now I can't reconcile our checking account or savings account.

Suggestions please!

Lisa

The transfer from checking into savings could be entered in the Enter Transactions screen as:

01-1110-000 Checking (Credit) $1000
01-1210-000 Savings (Debit) $1000

Once that transaction is posted, it will show up in your Bank Reconciliation process on both the checking and savings accounts. On the checking, it will be in the list of Withdrawals. In the savings, it will be in the list of Deposits.

Turning Point wrote:We recently opened a savings account with our bank which has a separate account number and the bank statement is separate from our checking account statement.

I originally just made the savings account a different fund number. Now that I need to reconcile the accounts, the initial 1000.00 transfer from checking to savings doesn't show up in the reconcile module.

The way it stands now I can't reconcile our checking account or savings account.

Suggestions please!

Lisa

FWIW ... having the Savings account under a different fund does add problems. As Zorak listed in his example above, if you just created the new savings account under the operating fund (where the initial funds would be coming from I assume) you just enter the transaction as listed above to reflect the original funds transfer.

Why did you choose a 'different fund' instead of using fund 01 ?? You do realize that being under a different fund also means that it actually closes to a different unrestricted assets account in the new fund.

You may have to use transfer accounts.

NeilZ wrote:
Why did you choose a 'different fund' instead of using fund 01 ?? You do realize that being under a different fund also means that it actually closes to a different unrestricted assets account in the new fund.

You may have to use transfer accounts.

We did it that way because the treasurer wanted to. I thought it didn't make much sense and now I can tell him we need to do it the proper way. Thanks for all your help!

Turning Point wrote:

NeilZ wrote:
Why did you choose a 'different fund' instead of using fund 01 ?? You do realize that being under a different fund also means that it actually closes to a different unrestricted assets account in the new fund.

You may have to use transfer accounts.

We did it that way because the treasurer wanted to. I thought it didn't make much sense and now I can tell him we need to do it the proper way. Thanks for all your help!

What you should do is ADD that savings account to the 01 fund, then make it INACTIVE in the other fund. If you already did some transactions in it, you cannot delete it

NeilZ wrote:

Turning Point wrote:

NeilZ wrote:

What you should do is ADD that savings account to the 01 fund, then make it INACTIVE in the other fund. If you already did some transactions in it, you cannot delete it

I have done that but I don't know how to make a fund Inactive.

NeilZ wrote:

Turning Point wrote:

What you should do is ADD that savings account to the 01 fund, then make it INACTIVE in the other fund. If you already did some transactions in it, you cannot delete it

I have done that but I don't know how to make a fund Inactive.

From the ACCOUNTING menu: Fund Accounting -> Setup -> Maintain List of Accounting Funds -> click on NEXT button to get to that fund, then uncheck the ACTIVE box.