User Support Forum

I have a budgeted "building fund expense" which I wish to deposit quarterly into a M/M fund for future use. The M/M Fund is set up as an asset in the same accounting fund as my checking. So, how do I send money to the M/M fund, debit the BF expense, credit the checking, and debit the building fund asset account?
I am guessing I need to do something like the following:
01-1110 - Credit checking
01-5620 - Debit Bldg Fund (Expense)
Then:
01-1210 - Debit M/M Account
01-3110 - Credit Net Assets
As I am clearly not an account, I need to know if this makes any sense or if there is a better way.
Will appreciate any help.
Mark B

Mark B wrote:I have a budgeted "building fund expense" which I wish to deposit quarterly into a M/M fund for future use. The M/M Fund is set up as an asset in the same accounting fund as my checking. So, how do I send money to the M/M fund, debit the BF expense, credit the checking, and debit the building fund asset account?
I am guessing I need to do something like the following:
01-1110 - Credit checking
01-5620 - Debit Bldg Fund (Expense)
Then:
01-1210 - Debit M/M Account
01-3110 - Credit Net Assets
As I am clearly not an account, I need to know if this makes any sense or if there is a better way.
Will appreciate any help.
Mark B

What we did was create a separate FUND under accounting for the Building Fund, and use the new Transfer Accounts to transfer from the general fund, into the Building Fund M/M. This will also allow you to have greater granularity in reporting expenses from the Building Fund.