On 12/22/2017 1:56 PM, Aaron Laws wrote:
Excellent; thank you. One more question:
Assets:Chequing x
Liabilities:Organ Fund x
Then some expense:
Expense:Organ x
Assets:Chequing x
But then how is the encumbrance relieved?
<< an adjustment transaction is made >> How does that adjustment
transaction look?
Opens the whole topic of "journal transactions" << there are more
possible adjustment transactions than this >>
But that is how I would do it. Let's say we had a restricted fund for X
(the X fund) and it had a liability balance of $1000. Let's say that we
were adjusting quarterly (will discuss later if likely a one shot
situation). The quarterly total of X expenses were $400 (expenses
qualified to be be paid put of the restricted fund). I would enter a
transaction debiting the liability and crediting equity for $400 giving
the description "released form restriction in 3rd quarter" (or
whatever). If this were a large restricted fund only a portion of which
used each year, might do that adjustment annually along with all the
other year end adjustments << that is when the bulk of "journal
transactions would be" >>
BUT -- if this were a one shot deal, say we were raising a fund and
using it all at once ) possibly with general organization funds added I
might choose to do it along with the purchase transaction. Wait till you
have lots of experience with split transactions before you tackle a
fancy two way split like that.
Michael D Novack
--
There is no possibility of social justice on a dead planet except the equality
of the grave.
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