SETTING UP ACCOUNT(s) FOR MUTLTIPLE CDs

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JamTowns
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Joined: Thu Sep 14, 2017 6:42 pm

SETTING UP ACCOUNT(s) FOR MUTLTIPLE CDs

Post by JamTowns »

We will be shifting some money from Checking and all the money in Savings Into a Money Market account and into potentially 4 laddered short term CDs (currently the 6 month CDs have the best rates) likely purchased 2 months apart to take advantage of higher rates of return. It is unlikely that CDs would be purchased for longer than 1 yr. (or maybe 18 months??). All the the money is part of general funds and is not restricted unless some would be included in the Money Market from the Care & Share (Benevolence) Fund (checking account).

The money in the Money Market will come from the Budget Fund and one other Fund (non-budget), the same for the CDs. All financial accounts are and will be with the same Credit Union. I am thinking the accounts for the Money Market would be set up, Assets/Banking Accounts/Money Market (group accounts), as are the Checking and Savings Accounts in both funds.

I have not been able to find posts about how to set up accounts and keep track of multiple CDs and for potentially rolling over some of the CDs. Possible set up of the Group Accounts: Assets/Banking Accounts/Short Term CDs or Assets/Short Term Investments/CDs. But I'm lost about the detail accounts to set up and the recording for the different CDs. I am assuming there is a better way that I am missing of a way to record the CDs other than creating separate accounts for each (eats up account numbers).

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