In my current situation, I have 2 separate checking accounts. 01-1110 is the General Operating account and 01-1120 is the Designated Funds account. This 2nd checking account contains funds for 15 restricted account, one of which is our preschool (or MMO). Because it is hard for the officers to focus on the income and expenses for the MMO program in the midst of the other 14 funds, I want to separate the MMO funds to Fund 02.
I need to transfer all restricted funds from the Designated checking account to the Operating account less the MMO funds. I know I can do that with the following transaction –
01-1110 General Operating 10,000.00 DR
01-1120 Designated Account 10,000.00 CR
Then, follow with a transfer on the bank’s website to get those funds in the proper checking account.
That will leave the $2,000 in the Designated Checking account – 01-1120. The Balance Sheet shows the correct balance in each checking account, but that’s where I get stuck.
I have these accounts set up in each of Fund 01 and Fund 02 –
- 1 Transfer Accounts 9000 Group
2 Transfer to Other Funds 9001 Group
5 Transfer to Other Funds 9010 Detail
2 Transfer from Other Funds 9500 Group
5 Transfer from Other Funds 9510 Detail
I hope that I’ve explained this well enough. Thanks in advance for the excellent answers and solutions that I’m sure to receive.