Transfering money

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CoveBaptist
Posts: 44
Joined: Sat Sep 26, 2009 9:46 am

Transfering money

Post by CoveBaptist »

We have a contribution fund called first fruits. This offering is currently designated each month to go in the Building Fund. The Contribution Fund posts these monies to Fund 03 as a
DB 03-1110-101 Checking
CR 03-4270-000 Restricted Income FF
Then we transfer these funds to the Buliding Fund Money Market which is in Fund 02
in O2, we have the following accounts
02-3202-000 Bldg Fund Money Market - Short Term Restricted
02-1440-102 Bldg Fund Money Market - Asset

I also have Transfer Accounts Set up.

I can not figure out how to post transferring the money from 03 to 02 and have my Detail Balance Sheet Reports come out right. Can somone please help me! :wall:

JohnDMeyers
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Joined: Sun Oct 07, 2007 9:50 am
Location: Potsdam, NY
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Re: Transfering money

Post by JohnDMeyers »

Whenever you are directly transacting an equity account, caution lights should go off.

02-3202-000 Bldg Fund Money Market - Short Term Restricted
02-1440-102 Bldg Fund Money Market - Asset

I would undo any transactions you did on the above accounts.

Create 02-9202-000 and 03-9202-000 (or whatever numbering scheme suits your situation). If you are restricting the money in fund 03, then you should probably keep it restricted in fund 02, which means both transfer accounts should close-to 3202 in their respective funds.

To transfer $500 from fund 03 to fund 02:
CR 03-1110-000 checking $500
DB 03-9202-000 transfer $500 --> closes-to 3202
DB 02-1440-102 Bldg MM $500
CR 02-9202-000 transfer $500 --> closes-to 3202
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CoveBaptist
Posts: 44
Joined: Sat Sep 26, 2009 9:46 am

Re: Transfering money

Post by CoveBaptist »

So I do not "release restricted funds" with this transaction. That is what I have been doing and it double posts (I think) to throw off my balances??

JohnDMeyers
Posts: 1338
Joined: Sun Oct 07, 2007 9:50 am
Location: Potsdam, NY
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Re: Transfering money

Post by JohnDMeyers »

You only release the restriction after you spend the money. Releasing would be done after a transaction involving a checking account, and an expense account:

Spend $100:
CR 02-1110-000 checking $100
DB 02-5671-000 some expense $100 --> closes-to 3110

Release $100
DB 02-4820-000 specific release $100 --> closes-to 3202
CR 02-4999-000 general release $100 --> closes-to 3110
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