Jamiert
Designated funds: We have come up with a way we think will mimic a designated account. When a gift is given for missions, rather than going into an income account we will put it in a liability account under Customer Prepayment. Checks written for missions will be categorized under the same liability account. We will leave income accounts for general cash. We also have money we are designating as a rainy day fund We are using a general journal entry to move money from general income fund to liability rainy day fund and check written categorized for that same liability account. It will be easy to check the balances for these accounts, and we will have he money set aside for a specific use. Do you see any issues with this plan?
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