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> Cash To Cash Transfers
Bosley Trucking
post May 7 2017, 09:40 PM
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I pray that ALL IS WELL with you and yours. Does anyone have any suggestions on how we can keep track of how much we have for what in our designated funds if we transfer them to our savings account? For instance, we would like to put so much per mile back toward tires and so much toward tags, etc., etc. I tried the entries below but it makes my balance sheet off by that amount since we're only transferring funds and not actually acquiring a loan or new assets.

Using Quick Entry Transfer I chose:

From:Checking
To:Savings
$1.00

The system created the following:

FIRST ENTRY

TYPE:TRANSFER
AMOUNT:-1
PAID BY: CHECK
PAYMENT ACCOUNT: CHECKING 5800
CHARGE TO ACCOUNT:TRANSFERS

SECOND ENTRY

TYPE:TRANSFER
AMOUNT:1
PAID BY: N/A
PAYMENT ACCOUNT: SAVINGS 7562
CHARGE TO ACCOUNT:TRANSFERS

Which I edited to:

TYPE:TRANSFER
AMOUNT:1
PAID BY: N/A
PAYMENT ACCOUNT: SAVINGS 7562 (I also tried N/A here)
CHARGE TO ACCOUNT:TIRE FUNDS (which is a liability account)

Any advice would be greatly appreciated!
Alice
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John Ewing
post May 8 2017, 01:34 AM
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I don't understand why you edited the Savings Account you opened to be a Liability? If you want to set money aside for various funds you can open a Saving account for each fund or you can put it all into one Savings account but you wouldn't put it into a liability. You also wouldn't put money away into a liability account. A liability is for Money you owe to someone not money you have. Change the entry back to the way it was originally and leave it as a SAVINGS account and your Balance Sheet should then be correct. If it's still off then it's not because of that entry - transferring from checking to savings will not affect your balance sheet. So you not have $1.00 in Savings. Next what do you need to do?



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Bosley Trucking
post May 8 2017, 09:12 PM
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I appreciate your feedback and I get what you're saying... I already changed it back. I was hoping to use one savings account but be able to keep track of how much is for each fund. I'll contact the bank for additional savings accounts, thanks so much.
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John Ewing
post May 9 2017, 12:46 AM
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The only way to have it correct balance in your books would be to have individual accounts for each category. But you could still use just one savings account and keep the balances in your books in separate accounts. You'd have to add up the various accounts to get the actual savings account balance, but you'd also have a larger balance in the savings account. Just an optional way of doing it - Savings Tires, Savings Insurance, etc. Then you'd pay each out of it's individual account and just add up the balances in the accounts to get the overall account balance. Whichever works for you is the best way to do it.





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