For savings, reserves, and donor restricted funds, I like to use the Equity accounts to keep track of balances. I setup a new Equity account (Owner's Equity is the detail type). Name it appropriately. If you already have a balance, you may have to do a journal entry to Credit the new fund's balance, and debit either Retained Earnings or Opening Balance. Then, when you record an offering, you would have two lines: one for the revenue account (e.g., Sunday Offering) and one for the new equity account. This will increase the balance of this account. When you spend money from this account, you also use the new equity account. If you record an Expense, Bill, or Check to this account, it will automatically reduce the balance.
Thank you!
You are welcome!
Another day another victory for og taking out sweat imposter amogus
Well done!
great, Greetings. this has been so helful thank you for sharing. however i have a question how do i record saving from part of offerings
For savings, reserves, and donor restricted funds, I like to use the Equity accounts to keep track of balances. I setup a new Equity account (Owner's Equity is the detail type). Name it appropriately. If you already have a balance, you may have to do a journal entry to Credit the new fund's balance, and debit either Retained Earnings or Opening Balance.
Then, when you record an offering, you would have two lines: one for the revenue account (e.g., Sunday Offering) and one for the new equity account. This will increase the balance of this account.
When you spend money from this account, you also use the new equity account. If you record an Expense, Bill, or Check to this account, it will automatically reduce the balance.