QB Be "Tween" different SPFund Accts -- 0612-07 ZZqbb

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                    TO:  Interested Ministries                                                                                                                         FROM: Jim Bramer, Retired CPA
                                                                                                                                                                                            FILE:  0612-07/qbb

                    RE:  QB & Tranx be "Tween" different SPFund Accts                                                                     Originated:  April 2000


        You will remember that our Methods One, Two and Four, in using QuickBooks  � (QB) Fund Accounting, make use of the QB Equity account type for Special Purpose Funds (SPFunds.)  For example, within the one side of this structure below, the SPFunds total is $129,369.    

Liabilities:

200

Accounts Payable

$ 625

220

Credit Cards

$ 6,328

260

Others

$ 779

Total Liabilities

$ 7,732

Special Purpose Fund Balances:

330

Donor Restricted

$ 5,124

331

Board Discretionary

$ 60,000

334

Special Missions Fund

$ 7,773

337

Short Term Mission Trip

$ 2,880

340

Staffer Designations

$ 39,588

350

Projects

$ 12,761

390

Others

$ 1,243

Fund Balances

$ 129,369

YTD GPFund Excess

$ 46,587

Total Obligations

$ 183,688

        For a variety of reasons, you often find that you need to transfer monies 'TWEEN'  two separate SPFunds.  Some of us are comfortable using the QB Journal entry system to accomplish this .... please. click here   for more specifics, but it makes sense to some of us to write a check to the Ministry and charge the respective Fund and then the money is deposited to the recipient fund.  
        But many of us us accomplish our objective via a "Transfer of Funds " QB feature whereby we  - - - 

  1. Go to the Chart of Accts and 
  2.  Access one of the two SPFunds (QB Equity Accounts) involved in the transaction
  3.  Input date ----  Go to  0637  for more info, but usually you will use the end of month date. 
  4.  Ascertain if this SPFund is to be increased or decreased.  See  0629  for helps here.
  5.  Go to the SPLIT area and input the Cross Fund QB class code.
  6.  Then goto the Acct field; Locate/scroll and 
  7.  Access the other SPFund.
  8.  Now go to the "increase or decrease" area and 
  9.  Enter the amount involved. For future assistance, It is MOST desirable that complete information appears in the Memo field. 
  10.  Be satisfied with what you have entered 
  11.  And then Click on RECORD
  12.  Now you just processed a QB Journal Entry -- but in a slightly different manner..

FACTOR:

    If you have multiple amounts moving from one SPFund to many others ...... transfer them individually.

MEMORIZED:

    For repetitive transfers, make initial transfer entry and then goto Edit and input Memorized info including reminder info.  When this comes up you go ahead and complete the memorized tranx.
    We hope you find this process an effective tool for such needed "Tween" or "Cross Fund" purposes.


      Please Click here for more topics having to do with the use of "QuickBooks and Ministry Fund Accounting"  on www.bcidot.org.  The bulk of this Publication originated in April 2000. and was  UPTD: March 09, 2012

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