Transfers between Funds-Account 4701

Frank McKee · Post by **Frank McKee** » Thu Mar 18, 2004 11:25 am

If I transfer moneybetween Funds by writing a check on Fund 1 to deposit in a checking account on Fund 2, how do I make the Fund Totals on the Trial Balances for the individual funds zero out. Would I Debit 01-4701 and credit 02-4701 or would I do the opposite? And will 4701 close to 3000 at year end? I am using Version 8.5 on a Windows 98 system. I am attempting to keep each Fund so that the Total on the Trial Balance will equal Zero so tht each Fund will stand alone as if it were a separate Branch or set of books. I would appreciate any explanation of just how account 4701 is supposed to work in this system and I can't find anything in the book on this subject. Thanks. Frank

Zeb · Post by **Zeb** » Thu Mar 18, 2004 12:17 pm

This may help.

if your money is in fund 01 and moving to 02, then :
DB 01-4701
CR 01-1110 (your bank)
DB 02-1110
CR 02-4701

equal DB and CR in a fund make the trial balance totals 0.

Those accounts will close out to the fund balance but since the number is the same (4701) when its consolidated it will show a change of 0.