[GNC] Where do 'opening liabilities' go?

[R Losey]

I would create a Building Fund account under the main bank account, and
transfer the funds into that sub-account as they accrue as they come in...
that way the balance is your main account will exclude those funds
designated for building, but you will have the total balance available when
you reconcile the bank statement.

Whenever you transfer the accumulated funds to the building bank account,
you can do a couple of things:

1) Record a transfer from the building sub-account to the building bank
account (in my mind this is a bit of a short-circuit)

1) Record a transfer from the building sub-account to the main bank account
2) Record a transfer from the main bank account to the building bank account

I find the second one slightly better (but that may just be personal
preference)



On Sun, Nov 10, 2024 at 7:45 AM Chris Green <cl at isbd.net> wrote:

> On Sun, Nov 10, 2024 at 12:31:26PM +0000, Chris Green wrote:
> > When opening a new set of accounts where does one put a liability that
> > exists when the accounts are started?
> >
> > I guess they are a sub-account of Liabilities but I'm not quite clear
> > where they transfer from/to and whether they should be +ve or -ve.
> >
> Going on from this where do liabilities accrued during the year go?
>
> This is for a church where money goes in and out of the bank account
> but some is destined for the 'building fund' which is kept in a
> separate (building society, interest bearing) account.
>
> So, at the start of the year some money is owing to the building fund
> so it's an 'opening liability', how is that entered? (That was my
> first question above)
>
> Then, during the year there is income to the bank account which is
> destined for the building fund.  So it is 'income' but also needs
> to be recorded as a liability as it's owed to the building fund. How
> do I enter this?
>
> --
> Chris Green
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8