We have an investment account , 01-1310-000, that we are transferring $10,000 out of and to the Checking account for general fund and restricted fund purposes.
The initial transaction I set up was -
CR 01-1310-000 $10000.00 Investment account
DR 01-1110-000 $ 8650.00 Operating Funds
DR 01-1115-00 $1350.00 Designated Funds
This transaction simply moves the money into the checking account
But here's my question - How do I get the $1350 to show up in the Temporarily Restricted Fund account so that I can write checks against it later. It needs show up in the Fund balance and I'm not sure how to get it there.
I know that this isn't income but how do I increase the balance of the restricted account?
BJ Whitson
Investment account and restricted funds
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Investment account and restricted funds
BJW
Finance Committee-HPC
PC+ user since 2008
Grayson, GA
Finance Committee-HPC
PC+ user since 2008
Grayson, GA
Re: Investment account and restricted funds
OK .. its going to be a two part transaction, I'm assuming that you're using the standard numbering where 3200 starts the temp restricted accounts, and 3110-000 is the unrestricted fund balance accountbjwhitson wrote: ↑Mon Oct 19, 2020 10:18 pmWe have an investment account , 01-1310-000, that we are transferring $10,000 out of and to the Checking account for general fund and restricted fund purposes.
The initial transaction I set up was -
CR 01-1310-000 $10000.00 Investment account
DR 01-1110-000 $ 8650.00 Operating Funds
DR 01-1115-00 $1350.00 Designated Funds
This transaction simply moves the money into the checking account
But here's my question - How do I get the $1350 to show up in the Temporarily Restricted Fund account so that I can write checks against it later. It needs show up in the Fund balance and I'm not sure how to get it there.
I know that this isn't income but how do I increase the balance of the restricted account?
BJ Whitson
Part 1:
01-1310-000 CR 10000.00
01-1110-000 DB 10000.00
Part 2:
01-3110-000 DB 1350.00 (temp restricted fund balance account)
01-3210-000 CR 1350.00
I'd use two transactions as its easier to have an audit trail showing what's happening.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Investment account and restricted funds
Thanks, Neil,
As always, your answer did the trick!
Thank you!
BJ Whitson
As always, your answer did the trick!
Thank you!
BJ Whitson
BJW
Finance Committee-HPC
PC+ user since 2008
Grayson, GA
Finance Committee-HPC
PC+ user since 2008
Grayson, GA
Re: Investment account and restricted funds
I just realized that I mislabeled the 3110-000 in my 'step 2', but I trust you knew what I was trying to say, as 3210-000 was the temp restricted account.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.