User Support Forum

We're using Windows XP OS and PC+ Version 11. We are transferring monies from
Building Fund (02-XXXX) to General Fund (01-XXXX) to cover the cost of re-paving our church parking lot.
Financial Secretary used following entries:
02-9520-000 Trsfr from Fund 02 CR $20,000
01-9010-000 Trfr to Fund 01 DB $20,000
01-1110-000 Bank Cking acct DB $20,000
01-4255-000 Misc Income Acct CR $20,000

The latter account is a restricted liability acct. My question is: Shouldn't we have
credited the BF Account from which the money came (02-1330-000 BF Redi-cash)
and debited the 02-9520 transfer account? (In Fund 02, the monies DID NOT show as being
removed from the BF Redi-cash account so that has to be wrong) Then, shouldn't we have made following entries
in the General Fund Acct:
02-1330-000 BF Redi-Cash CR $20,000
02-9520-000 BF Trsfr from Fund 02 DB $20,000
01-9010-000 Trsfr to Fund 01 CR $20,000
01-1110-000 Bank Checking Acct DB $20,000
01-4255-000 Income to Misc $$ CR $20,000
01-16XX-000 New asset for Parking Lot DB $20,000

I'm not sure of last entry ... when we "write the check to pay for the work, would that be
when we create the assest account (01-16xxx-000)?

02-9520-000 Trsfr from Fund 02 CR $20,000
01-9010-000 Trfr to Fund 01 DB $20,000
01-1110-000 Bank Cking acct DB $20,000
01-4255-000 Misc Income Acct CR $20,000

If this transaction was done exactly like shown above, your Balance Sheet on these two funds will not "balance". Reverse this transaction (or these transactions), and ignore the warning when you try to Save the REVERSE transaction.

02-1330-000 BF Redi-Cash CR $20,000
02-9520-000 BF Trsfr from Fund 02 DB $20,000
01-9010-000 Trsfr to Fund 01 CR $20,000
01-1110-000 Bank Checking Acct DB $20,000

These transactions above are correct.

01-4255-000 Income to Misc $$ CR $20,000
01-16XX-000 New asset for Parking Lot DB $20,000

This transaction above is not right, or at least, I can't figure it out.

If this transaction is the payment going out of General Fund checking, you need to do this:
CR 01-1110-000 $20,000
DB 01-16xx-000 $20,000 new asset parking lot

Thank you so very much for clearing up the procedure. Our financial secretary had run the
monies thru a Miscellaneous fund (catch-all) rather than making the paving an asset. I
really appreciate your speedy answer and the detail that you provided.