Building Fund Tracking

[bobfree]

Our church has a Savings Account that is used to accumulate donations to our Building Fund before applying them to our outstanding mortgage. The donations are received into the General Checking Account and transfered to the Building Fund at the end of each month. This Savings Account is setup as an account in the same Fund as our General Checking Account. The Savings Account is a seperate account at the bank.
I plan to setup a Set of Accounts to receive the donations as Donor Restricted Contributions. At the end of each month the money will be moved from the Restricted Equity Account to the Savings Account with a Debit to the Savings Account Asset Account and a Credit to the Building Fund Equity Account. Then when money is taken from the Savings Account this would result in a Credit to the Savings Account Asset Account and a Debit to the Building Fund Equity Account.
My questions are, am I on the right track to properly record these contributions/actions? Is there any steps I have overlooked. Would it be better to setup all the building fund transactions in a accounting seperate fund?

Thanks for your assistance.
Bob Freeman