Transferring and dedicated accounts
We are receiving donations for a capital campaign, and I have been depositing these funds in our church bank account and crediting a dedicated fund.
We've decided to transfer this money into a separate bank account for this money only.
I set up the bank account, but now I'm confused as to how to make the journal entries. I can make the transfer journal entries, but what happens to the balance in the dedicated account, does it remain the same?