checking/savings transfer problems

[tlovegrove]

We are having transfer problems with version 8. (we just ordered v.9 – hopefully that will help)
We have $6066 in our savings account in accounting fund 03 (03-1220) that we need to disperse. $5511 is supposed to go to our checking account in accounting fund 04 (04-4610) and $555 to our checking account in the general fund ( 01-4610).
We also need to transfer $5000 from the savings account in accounting fund 03 (03-1220) to the savings account in fund 05 (05-1220).

But when we do this, it doesn’t come up correctly.

Can someone walk us through the correct steps?

[Randy B]

If I understand your problem correctly, I think you probably want to go to bank and withdraw from your savings account and transfer to your checking account. Then do a journal entry that would debit 04-4610 $5,511, Debit 01-4610 $555 and then credit 03-1220 $6,066.

Then do a second journal entry or you can combine it with the first that would debit 05-1220 $5,000 and then credit 03-1220 $5,000

After posting, your account balances should get you the desired result.

[Matt]

Version 8 should be ok. The problem is that you're trying to transfer the amount for your checking accounts to income accounts (4000 series). You need to transfer the balances to asset accounts (1000 series).

Your checking account should be account 1110, not 4610. Assuming that your checking account is really account 1110, here's the journal entries you need to make:

1). Transfer of $6066 in savings account:

DR 04-1110-000 $5,511.00
CR 04-3001-000 $5,511.00

DR 01-1110-000 $555.00
CR 01-3001-000 $555.00

DR 03-3001-000 $6,066.00
CR 03-1220-000 $6,066.00

2). Transfer of $5,000 in savings account:

DR 03-3001-000 $5,000.00
CR 03-1220-000 $5,000.00

DR 05-1220-000 $5,000.00
CR 05-3001-000 $5,000.00

Version 9 has special transfer accounts in the 9000 series that will make doing these types of transfers easier to track.

Matt