User Support Forum

In April we received 66000 from a new mortgage. We put the money in s savings acct until we wanted to use it for some renovations.

We have begun the renovations and we are having an issue with the expenses showing in the inc and expense report. It looks like there was no income. I'm trying to figure out how I can show the offset to the expenses.

When I originally set up the new savings
Db 01-1215 Savings
Cr 01-3001 Fund Bal

Now when I need to use this money I transfer
Db 01-1117 Checking
Cr 01-1215 Savings

But the transfer doesn't show on the income side of the Inc and Exp Statement.

What would I need to do to make that happen?

Thanks,
Mark

You could have shown the original money coming in as income instead of equity.

To correct:

DB 01-3001-000
CR 01-4500-000 (any income account number here) You may want to make sure this account closes to 01-3001-000.

Because this was received in 2010, when you close December, it will update your fund balance account.

Since this was a mortgage, you should have credited a liability account. The money is not income, it is an amount you owe and should probably be shown as a liability.

John,

Thanks for the info. I was thinking that was correction I needed to do. As far as the liability is concerned we did that correctly. We refinaced the church mortgage and got some extra to do some renovations and it was the portion that was cash to the church that I wasn't sure about. So we are showing the correct liability for the mortgage.

Thanks,
Mark