money transferred between assets and restricted items

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Henderson Metro Church
Posts: 12
Joined: Tue Jul 26, 2022 12:47 pm

money transferred between assets and restricted items

Post by Henderson Metro Church »

I am struggling with the transfer of money between assets & temp restricted items.
Example: we wrote a check from our General Account 1110-000 to our Savings account 1210-000, to put money into a temp restricted Equity. How would we make this transaction work?

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: money transferred between assets and restricted items

Post by NeilZ »

Henderson Metro Church wrote:
Fri Apr 28, 2023 3:43 pm
I am struggling with the transfer of money between assets & temp restricted items.
Example: we wrote a check from our General Account 1110-000 to our Savings account 1210-000, to put money into a temp restricted Equity. How would we make this transaction work?
Well ... normally, a Temp Restricted account is used with the main checking account, the funds are kept in that bank account, but are listed separately on the balance sheet and the Cash Management Report. Then when funds are spent from the temp restricted account, the funds are moved from the restricted fund balance account to the unrestricted fund balance account.

The initial balance is created by moving funds from the unrestricted fund balance to the restricted fund balance account, and added to through the Income Account setup when you created the restricted.

Not knowing how you have the account setup makes it very hard to give any sort of advice.
Neil Zampella

Using PC+ since 1999.

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