Where does the Savings account go in the COA, and how to you record transfers?
My husband and I built the spreadsheet I've been using for church books years ago. I am transition over to your 5 fund church accounting spreadsheet.
I have 3 questions:
how do I record transfers between funds without making it look like the transfer was "offering" income? (ie, the board voted to transfer $500 a month from the general fund to the building fund so when the time comes to do concrete or add on to the church the money is in the account).
#2, where does the savings account go in the COA?
#3, I'm assuming when I make a transfer to the savings and then back to the fund (ie, the one time a year that the insurance is due) they would balance each other out. Am I correct or totally off base?