Various Links on this Web Site: HOME | ABOUT US | OUR PURPOSE | SITEMAP | COMPUTER FUND ACCTG | HELPS
FROM: Jim Bramer, Retired CPA
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.
Special Purpose Fund Balances:
Special Missions Fund
Short Term Mission Trip
YTD GPFund Excess
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 - - -
- Go to the Chart of Accts and
- Access one of the two SPFunds (QB Equity Accounts) involved in the transaction
- Input date ---- Go to 0637 for more info, but usually you will use the end of month date.
- Ascertain if this SPFund is to be increased or decreased. See 0629 for helps here.
- Go to the SPLIT area and input the Cross Fund QB class code.
- Then goto the Acct field; Locate/scroll and
- Access the other SPFund.
- Now go to the "increase or decrease" area and
- Enter the amount involved. For future assistance, It is MOST desirable that complete information appears in the Memo field.
- Be satisfied with what you have entered
- And then Click on RECORD
- Now you just processed a QB Journal Entry -- but in a slightly different manner..
If you have multiple amounts moving from one SPFund to many others ...... transfer them individually.
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
HOME | ABOUT US | OUR PURPOSE | SITEMAP | COMPUTER FUND ACCTG | HELPS