Transfer cash from savings to checking

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

Moderators: Moderators, Tech Support

Post Reply
StPaulUCC2
Posts: 26
Joined: Fri Feb 25, 2022 6:13 pm

Transfer cash from savings to checking

Post by StPaulUCC2 »

We have a savings account setup for pack-a-sack program. All the cash in this account is used to purchase food for the program. We use a credit card to purchase food. The credit card bill is paid through our checking account but I need to transfer the cash from the savings to checking to pay the bill. How do I enter this or what do I need to do to set this up? Thanks in advance.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Transfer cash from savings to checking

Post by NeilZ »

StPaulUCC2 wrote:
Sun Mar 20, 2022 4:50 pm
We have a savings account setup for pack-a-sack program. All the cash in this account is used to purchase food for the program. We use a credit card to purchase food. The credit card bill is paid through our checking account but I need to transfer the cash from the savings to checking to pay the bill. How do I enter this or what do I need to do to set this up? Thanks in advance.
Is the savings account listed under the same Accounting Fund (usually Operations or Fund 01) as an asset? If so, you would just create a transaction in Fund Accounting to CREDIT savings and DEBIT checking. Of course you'd then have to manually (or online) transfer the funds at the bank.

We had something setup like this at the last church we were at, but we created a Donor Restricted Fund under our Operations fund, and the cash was kept in the checking account. The Donor Restriction kept tabs on how much was for the 'backpack' program and all we did was release funds from the donor restriction when we cut the check to pay the credit card.

A bit late to do this now, but in future, you may want to give this a try.
Neil Zampella

Using PC+ since 1999.

StPaulUCC2
Posts: 26
Joined: Fri Feb 25, 2022 6:13 pm

Re: Transfer cash from savings to checking

Post by StPaulUCC2 »

Thanks so much for your help. I have not used PowerChurch in over 20 years so I'm starting over with version 14. It's a little overwhelming for me. I'm sure I'll have more questions.

Post Reply