Where does the Savings account go in the COA, and how to you record transfers?

by Nichole
(SD)

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?

Comments for Where does the Savings account go in the COA, and how to you record transfers?

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Jan 20, 2019
Transfers Will Balance Out
by: Vickey

You are correct. You can title one of the income or expense accounts: "Transfer"... and show as an expense from one fund and an income on another. They will zero each other out.

Since the spreadsheets are single entry bookkeeping they won't track assets and liabilities like a double entry system will, but there are workarounds.

I used one of the fund columns as a second checking/savings account and set up a Transfer income account, but other users simply kept a row at the bottom to track the balance of a savings account.

Whatever works best for you =)

Jan 21, 2019
Thank you
by: Nichole

Thank you so much for the response. I really appreciate it.

Feb 09, 2019
Formulas in the spreadsheet
by: Nichole

So I'm into the second Month using the Fund Account Spreadsheets I purchased. I'm having to redo all the formulas from February through December. The February Tab draws from January as does the rest of the year. Has there been an updated spreadsheet, or do I have a lot of hours ahead of me editing?

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