release a restricted fund after a transaction is posted

[koofah]

Guys,
i made a mistake of not enabling an entry for the release of a restricted money for a transaction. now the transaction is already posted. is there any way I can add that entry without having to reverse the posted transaction?

[JohnDMeyers]

If you set up your restriction using the Donor Restriction Wizard, you can go there and find the release account number.

There are two accounts that you need to use to do the release. They are both income accounts. One is usually 01-4999-000 General Release

The other is either in your Donor Restriction Wizard or in your Chart of Accounts. It is usually in the 01-4800's-000

This is the release transaction for $100.00
DB 01-4810-000 $100.00
CR 01-4999-000 $100.00

[koofah]

thanks J.D. for the help regarding the restricted funds. it worked.

I have another concern.
our church needed abt 540Grand to purchase and renovate a property. The bank and our church agreed that our church contributes abt 180G whiles the bank pay the remainder.
Now the estm cost of the property was 300G and the renovation was abt 240G. So our bank pays the difference on our contribution to purchase the property, but decides to release the renovation money in a series of draws as demanded by the progress of the work.
Now, how do i capture the total value of this asset including the draws we've received in powerchurch, and then the monthly mortgage payments?
pardon my long story. thx

[JohnDMeyers]

First, I found another thread about setting up mortgages and payments that may give some extra information to what I post here:

http://powerchurch.com/forum/viewtopic. ... age#p13514


Let's make sure I have the numbers correct:

You have the market value of the building: $300K, and the eventual value after renovations: $540K

Your church will contribute $180K and the bank will contribute $360K (presumably $120 toward the building and $240K toward the renovations)

I would do everything in a separate fund, until the building is complete. When the building is complete, transfer the asset to the General Fund.

You have the receipt of the $120K in cash from the bank:
DB 05-1110-000 checking $120K
CR 05-1210-000 mortgage $120K

You have the initial purchase of the building:
CR 05-1110-000 checking $300K
DB 05-1810-000 building asset $300K

You have the first draw of $20K from the bank for renovations:
DB 05-1110-000 checking $20K
CR 05-1210-000 mortgage $20K

You spend the $20K on stuff, increasing the value of your building $18K and $2K on fees, for example:
CR 05-1110-000 checking $20K
DB 05-1810-000 building asset $18K
DB 05-5810-000 buiding expenses $2K

You make a mortgage payment of $6K, $4K in interest, $2K in principle:
CR 05-1110-000 checking $6K
DB 05-1210-000 mortgage $2K
DB 05-5410-000 mortgage interest $4K

Let me know if I forgot something.