User Support Forum

Would like clarification on if I am releasing and posting permanent restricted funds correctly...We moved X dollars from our Building fund to the checking account due to unforeseen expenses...The Bank charged a $2 fee for doing this...This is what I think my posting should look like:

4910-101 Building fund release - Debit - amount to include $2 fee
4999 Release from Restriction - Credit - amount to include $2 fee

I see where you can put in one detail and then click the button for Release Restricted Funds and the software will complete the transaction for you.

Is the above correct?

My next transaction that I am really sketchy about: I must record the deposit in the checking account without the $2 fee that was deducted from the savings account:

1110 - Checking - Credit - amount does NOT include $2 fee
1220 - Savings - Bldg fund - Debit - amount does NOT include $2 fee
5420 - Bank Charges - this is the $2 fee --- Debit $2
1220 - Savings - Bldg Fund - Credit $2

Is this correct?

Thanks for your all your help....Jacqueline w/ Eastern Star Baptist Church

Let's assume that you transferred $100 from your savings to your checking account and the bank fee was $2. Here's the accounting entries you should make:

Debit 4910-101 Building Fund Release $102
Credit 4999 Release From Restriction $102

Debit 1110 Checking $100
Debit 5420 Bank Charges $2
Credit 1220 Savings Bldg Fund $102