ACCOUNTING practice question

Lewis Overton akakie at
Sun May 20 22:26:41 EDT 2007

Thank you all for your help. I think Beth has the most direct approach. I'll
give this a try and post how it works. That may take a while to get done (or
not). I recently learned we have a grant coming in which also needs this
treatment. Good news for the group.


On 5/20/07, Beth Leonard <beth at> wrote:
> [...]
> In this way the $100 asset is still in your physical bank account,
> but you keep track of it as being restricted for use by the Jazz
> band.  Depending on your needs, you may wish to make a hierarchy
> like this:
> Assets
>   -> Current assets
>   -> -> Bank Account Placeholder (contains no transactions)
>   -> -> -> Unrestricted funds (most transactions go here)
>   -> -> -> Jazz restricted funds
>   -> -> -> Other restricted funds
> etc.
> This way in the account summary page you can easily see how much you
> have in your bank account (so you don't bounce checks) and how much
> money is available for general use, as well as how much is in
> various restricted accounts.
> When you balance (reconcile) the checkbook with the bank statement,
> choose "reconcile" from the Bank Account Placeholder and check the
> "include subaccounts" checkbox.

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