[GNC] Where do 'opening liabilities' go?

[R Losey]

On Mon, Nov 11, 2024 at 6:20 PM Brook Milligan <brook at nmsu.edu> wrote:

>
> > On Nov 11, 2024, at 9:55 AM, R Losey <rlosey at gmail.com> wrote:
> >
> > 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.
>
> I’m confused by how this would work, but perhaps I do not understand you.
>
> If I create a sub account of, say, a checking account for a restricted
> purpose, the reconcile process in the checking account only shows
> transactions in the same account.  I would have to somehow reconcile
> transacctions in multiple (sub)accounts at the same time.
>
> Perhaps you mean that all transactions (e.g., deposits) should go into the
> main account (which can be recociled against a statement) and another
> transaction moves funds to an appropriate restricted subaccount?
>
> Cheers,
> Brook
>

Hmmm... mine doesn't: when I reconcile my bank account, it includes all of
the sub-accounts I've created - I just looked and there is a check box on
whether or not to include sub-accounts.  I have this checked so that I am
reconciling the account to the bank statement.

I would do the transactions as follows (assuming $1000 total given, with
$100 designated for the building fund)

Deposit $1000 into the main bank account, with $900 assigned to general
offerings (or what ever you call it), and $100 assigned to designated
Building Fund.
--
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8