Quickbooks question

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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Jun 21, 2012
Double Entry Accounting Software?
by: Anonymous 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

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Join in and write your own page! It's easy to do. How? Simply click here to return to Church Accounting FAQs.

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

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