I am the treasurer of our church and we just started using Quickbooks. I am hoping someone can give me step by step instructions on how to set up a CD. I was told to create the account, debit the account for the amount and credit retained earnings. That doesnt seem quite right. Any help?
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Double Entry Accounting Software?
AAnonymous in NC
What you have written sounds somewhat on track, but you may need to get more familiar with "Basic Accounting" by clicking on the tab to the left of this page. Anyway, do a list of your general ledger account titles: the assets (for a church mostly checking account items/balances, liabilities (banks owed for buildings, etc.), capital (retained earnings, or the balance created by subtracting the Assets-Liabilities) as a start. You will have to become somewhat comfortable in your understanding of double-entry accounting procedures to understand how those principles are used in Quickbooks. Good luck with setting up your new accounting system