Saving accounts

[JGraves]

We are Power Church 11.5 users. A few weeks ago, we opened two savings accounts, Capital Improvement and Episcopal Expenses. Of course, we need to add them to our Chart of Accounts. Will a simple add through Maintain Chart of Accounts suffice? They both have beginning balances, what would be the best way to handle this? A specified amount is transferred weekly from General Funds to these accounts as well as weekly donations from contributors. Is it possible for that info to pull to Income Expense Report or a Balance Sheet? Other reports that we can run to see the balance in each accounts?

[JohnDMeyers]

The beginning balance transaction looks like this:
DB 01-1120-000 Capital Improvement Savings Account $1000
CR 01-3110-000 unrestricted net assets $1000

DB 01-1130-000 Episcopal Expenses Savings Account $1000
CR 01-3110-000 unrestricted net assets $1000

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Money that goes from another bank account into Capital Improvement, for example, looks like this:
DB 01-1120-000 Capital Improvement Savings Account $1000
CR 01-1110-000 checking $1000

Run the Balance Sheet report to see these transactions

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Money that goes directly into Episcopal Savings from Contributions, for example, looks like this:
DB 01-1130-000 Episcopal Expenses Savings Account $1000
CR 01-4010-000 General Tithes $1000

Run the Balance Sheet report and the Income and Expense Report to see these transactions

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The Balance Sheet will show:
Assets
Liabilities
Equity

The Income and Expense Report will show:
Income
Expenses
Transfer Accounts

[JGraves]

Thank you John,
For such a very clear and concise example. It worked perfectly all the way down to what we would see on each of the reports! We greatly appreciate your help. Thanks again

[JGraves]

In an attempt to work with a more detailed chart of accounts we began a project to eliminate the Hugh misc expense category we were creating. This presents another question regarding the saving accounts. When we opened the accounts for Capital Improvement and Episcopal Assessments we opened it with checks drawn on our General fund account and keyed it as miscellaneous. What would be more politically correct for that transaction? Any suggestions?

[JohnDMeyers]

When you print your check for an expense that ultimately comes out of a savings account, use the checking transaction to accurately record the expense account, then transfer money from Savings to Checking to cover the check. (that is how I am interpreting your question). If I am misunderstanding your question, please let me know.

So, if $500 of Capital Improvement money was spent on carpet:

CR 01-1110-000 checking "capital improvement carpet" $500
DB 01-5820-000 carpet expense "capital improvement carpet" $500

DB 01-1110-000 checking $500 "transfer for carpet expense" $500
CR 01-1120-000 capital savings "transfer for carpet expense" $500

[JohnDMeyers]

Another interpretation of the same question: "what should we have done when setting up the beginning balance":

CR 01-1110-000 checking "setup beginning balance capital savings" $2,000
DB 01-1120-000 capital savings "setup beginning balance capital savings" $2,000

[JGraves]

Thanks John
It was your second interpretation, thank you. Have a great weekend!