procedure for booking fund income & expenses

When funds are deposited to the general account, is the opposite entry to an income account?

When funds are dispersed from the general account for a fund expense, where is the debit entry made?

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Oct 19, 2019
Recording Fund Transfers in a Journal Entry
by: Vickey

I need you to clarify what you are referring to when you mention the "general account" and expand on what you are using to record your accounting data in?

If you are referring to your unrestricted "General" fund ... deposits are recorded by debiting (increasing) your "Cash" account and crediting (increasing) your appropriate income account.

Same thing goes for the expense transaction, you would credit the "Cash" account it was paid out of ... thereby decreasing that account and debit the appropriate expense account.

How you would handle the "transfer" between funds would depend on what accounting software you are using or if you are using spreadsheets or recording on paper.

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