transferring funds from an investment account into checking
Posted: Fri Nov 01, 2024 10:01 pm
PC+ user or 15+ years
Version 14.4
We have an investment account that predates my usage of PC+. When we set up PC+ in 2018, the funds were input at the face value of the account. Up until this month, I have not needed to transfer any funds between the investment account and the checking account (which contains both General funds and restricted funds). I do not have these set up with separate funds - everything is in Fund 01.
All that being said, I'm trying to figure out how to transfer $5000 from the investment account to a restricted checking account. I suspect that it should not show as income on the Inc & Exp report, but I will have an expense against that restricted fund after the $$ are transferred.
My first thought was to do this-
01-1115-000-Designated Funds $5000.00 DR
01-1310-000-Wells Fargo Sec $5000.00 CR
But I think this is incomplete. I don't see the corresponding increase in the Equity account for the specific restricted fund. The DR into account 01-1115-000 increased the checking account portion on the Balance Sheet but not the Temporarily Restricted account account associated with Net Assets.
The way I know that this didn't work is that the balance in the Restricted Checking (01-1115-000) account is $5000 more that the Temporarily Restricted balance. (01-3205-100).
Any advice will be most helpful.
BJ Whitson
Version 14.4
We have an investment account that predates my usage of PC+. When we set up PC+ in 2018, the funds were input at the face value of the account. Up until this month, I have not needed to transfer any funds between the investment account and the checking account (which contains both General funds and restricted funds). I do not have these set up with separate funds - everything is in Fund 01.
All that being said, I'm trying to figure out how to transfer $5000 from the investment account to a restricted checking account. I suspect that it should not show as income on the Inc & Exp report, but I will have an expense against that restricted fund after the $$ are transferred.
My first thought was to do this-
01-1115-000-Designated Funds $5000.00 DR
01-1310-000-Wells Fargo Sec $5000.00 CR
But I think this is incomplete. I don't see the corresponding increase in the Equity account for the specific restricted fund. The DR into account 01-1115-000 increased the checking account portion on the Balance Sheet but not the Temporarily Restricted account account associated with Net Assets.
The way I know that this didn't work is that the balance in the Restricted Checking (01-1115-000) account is $5000 more that the Temporarily Restricted balance. (01-3205-100).
Any advice will be most helpful.
BJ Whitson