Investment account and restricted funds

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bjwhitson
Posts: 78
Joined: Wed Mar 19, 2008 1:19 pm
Location: Grayson, GA

Investment account and restricted funds

Post by bjwhitson »

We have an investment account , 01-1310-000, that we are transferring $10,000 out of and to the Checking account for general fund and restricted fund purposes.
The initial transaction I set up was -
CR 01-1310-000 $10000.00 Investment account
DR 01-1110-000 $ 8650.00 Operating Funds
DR 01-1115-00 $1350.00 Designated Funds
This transaction simply moves the money into the checking account

But here's my question - How do I get the $1350 to show up in the Temporarily Restricted Fund account so that I can write checks against it later. It needs show up in the Fund balance and I'm not sure how to get it there.

I know that this isn't income but how do I increase the balance of the restricted account?

BJ Whitson
BJW
Finance Committee-HPC
Grayson, GA

NeilZ
Posts: 9321
Joined: Wed Oct 08, 2003 12:20 am
Location: Connellsville, PA
Contact:

Re: Investment account and restricted funds

Post by NeilZ »

bjwhitson wrote:
Mon Oct 19, 2020 9:18 pm
We have an investment account , 01-1310-000, that we are transferring $10,000 out of and to the Checking account for general fund and restricted fund purposes.
The initial transaction I set up was -
CR 01-1310-000 $10000.00 Investment account
DR 01-1110-000 $ 8650.00 Operating Funds
DR 01-1115-00 $1350.00 Designated Funds
This transaction simply moves the money into the checking account

But here's my question - How do I get the $1350 to show up in the Temporarily Restricted Fund account so that I can write checks against it later. It needs show up in the Fund balance and I'm not sure how to get it there.

I know that this isn't income but how do I increase the balance of the restricted account?

BJ Whitson
OK .. its going to be a two part transaction, I'm assuming that you're using the standard numbering where 3200 starts the temp restricted accounts, and 3110-000 is the unrestricted fund balance account

Part 1:
01-1310-000 CR 10000.00
01-1110-000 DB 10000.00

Part 2:
01-3110-000 DB 1350.00 (temp restricted fund balance account)
01-3210-000 CR 1350.00

I'd use two transactions as its easier to have an audit trail showing what's happening.
Neil Zampella

Using PC+ since 1999.

bjwhitson
Posts: 78
Joined: Wed Mar 19, 2008 1:19 pm
Location: Grayson, GA

Re: Investment account and restricted funds

Post by bjwhitson »

Thanks, Neil,
As always, your answer did the trick!
Thank you!
BJ Whitson
BJW
Finance Committee-HPC
Grayson, GA

NeilZ
Posts: 9321
Joined: Wed Oct 08, 2003 12:20 am
Location: Connellsville, PA
Contact:

Re: Investment account and restricted funds

Post by NeilZ »

bjwhitson wrote:
Wed Oct 21, 2020 12:51 pm
Thanks, Neil,
As always, your answer did the trick!
Thank you!
BJ Whitson
I just realized that I mislabeled the 3110-000 in my 'step 2', but I trust you knew what I was trying to say, as 3210-000 was the temp restricted account.
Neil Zampella

Using PC+ since 1999.

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