Open New Account with Designated Funds

[Pam]

We opened a new savings account for Restricted Funds.

We did this by making a transfer from the general checking account.

I made the entries to transfer the money, and the account balance is correct, but how do I get it to show in the Temporarily Restricted balance?


Thanks!

[JohnDMeyers]

When you receive the money is when the Temporary Restriction is recorded.

All you did was move the money from checking to savings.
CR Checking $all-restricted-money
DB Savings $all-restricted-money

Hopefully, you recorded the restrictions as the money was coming in:
DB Checking $one-particular-restriction
CR Restricted Income $one-particular-restriction

Moving the money from checking to savings wouldn't affect those restricted income accounts.

Remember to set up three unique accounts for each restriction.
Example:
3212 Equity for one restriction
4212 Receives the restricted income
4812 Releases the restricted income