Moving from Savings to temp. restricted in checking

[debbieg]

We have a situation where we needed to move some money from our savings account into the checking account and then use it to make a payment to a family. The money was going into our Deacon Benevolent fund which is a temporarily restricted fund. Just wanted to make sure i was doing the right steps for this.

1. CR savings acct 01-1210
DB checking acct 01-1110

2. DB checking acct 01-1110
CR Deacon Ben. restricted inc. 01-4215-103

3. when writing the check to family:
CR checking acct 01-1110
DB Deacon Benv expense acct 01-7031-103
DB Temp Rest. release acct 01-4815-103
CR release from restriction 01-4999

I've been out of it for a while and feel a little rusty with "out of the norm" transactions.
Thanks for any input.

Debbie

[Jeff]

You have 2 debits to your checking account, this will double the money when it was received. Does you Deacon Benevolent Equity account have this money in it right now?

[debbieg]

Jeff...I have done the actual physical transfer of money from the savings acct to checking acct at bank. Now I'm trying to figure out how to reflect that in PC. If we had an ordinary offering that was given to Deacon Benv fund then I would make the transactions that I showed in step #2. But how do I show that it came from savings and is not new income? I see what you mean about the double debit to checking; I hadn't noticed that.
I'm open to any suggestions.
Debbie

[debbieg]

OK....now I see one of my problems...I was treating it as income when it's really just movement of money from the unrestricted category to restricted.

[bigspringscc]

Just curious, what lines did you make then?

I'm trying to figure out how to do two similar transactions. 1) move from unrestricted to restricted within the same bank account, and 2) move from unrestricted to restricted in a different bank account.

[JohnDMeyers]

Moving money between accounts and moving money from restricted to/from unrestricted are two separate transactions.

To move money to/from unrestricted/restricted involves two income accounts only. Make sure you have the restricted income set up, and that it closes to restricted equity.

from unrestricted to restricted
DB 01-4010-000 unrestricted income
CR 01-4210-000 restricted income

to go the other way, simply reverse the DB and CR

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To move money between bank accounts is a separate transaction that involves no income accounts:
CR 01-1110-000 move money out
DB 01-1120-000 move money in

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