Savings Accounts

Use Savings Accounts for bank accounts that don't have a checkbook with sequential numbers.

SAVINGS ACCOUNT DATA
        When to Use Savings Accounts | Creating Savings Accounts | Data Fields | Calculated Fields
        Current Balance | Minimum Balance | Starting Balance | Status Field

USING SAVINGS ACCOUNTS
        Depositing Funds | Paying Bills | Savings Transactions | Using Savings Accounts

SAVINGS ACCOUNT RECORDS
       Entering Records | Changing Records | Deleting Records | Voiding Records
       Finding Records | Sorting Records | Fixing Mistakes

Website Info Links
       Accounting Software | Bookkeeping Software | Job Costing Software

RELATED TOPICS
       Bank Checks | Bank Deposits | Bank Payments | Bank Transactions | Bank Transfers
       Cash Accounts | Checking Accounts | Investment Accounts

When to Use Savings Accounts

Use Savings accounts for simple statement or passbook savings accounts, or any other bank accounts that don't use check numbers.

Savings accounts can be drawn upon by ordinary withdrawals, automated transfers or debit cards. But they are not suited for accounts that have sequential checks (use a Checking Account instead).

Creating Savings Accounts

To create a new Savings account, follow these steps:

  1. Choose Savings from the Accounts menu.
  2. Choose New Record from the Edit menu, or click the New button.
  3. Fill out information about the account.

QUICK SETUP HINT-- You only need to enter an Account Name.  For accurate reconciling, enter a Starting Balance.

Data Fields

Enter the following information for each Savings account:

Account Name-- Enter a short name for the account. This is the text that will appear in the Chart of Accounts and in pop-up menus.
Bank Name-- Enter the bank or organization the account is located.
Address-- Enter the address where the savings account is located.
Account Number-- If there is an account number for the account, enter it here.
Phone-- Enter the bank's phone number.
Comments-- Enter any comments you'd like to make about this account. You may want to enter key words to make it easier to locate or group particular accounts.
Created-- When you create an account, today's date will be entered automatically.
Record Number-- An internal account number will automatically be assigned.
Division-- Use the clairvoyant field to enter the company division to which this account belongs.
Starting Balance-- Enter the starting balance for the account-- the value of the savings account when you first started with Goldenseal.
Minimum Balance-- If the account requires you to keep a minimum balance, enter it here.

Calculated Fields

Goldenseal shows the following calculated values for this account:

Current Balance-- The current balance is the most recent running total, after all bank transactions are included.

Status Field

Enter the current status of this account:

Active-- You currently do business with this account.
Inactive-- You don't currently do business with this account, but you may in the future.
Closed-- You definitely don't do business with this account any more.

Goldenseal removes Closed accounts from the Chart of Accounts, and doesn't include them in menus.

Savings Transactions

To move money into or out of a Savings account, use a Savings Transaction.

To create a Savings Transaction, follow these steps:

  1. Choose Savings Transactions from the Bank menu, and choose an account from the submenu.
  2. Click the New Button, or choose New Record from the Edit menu.
  3. Click on the Type popup at top center, and select a Payment, Deposit, Transfer In or Transfer Out.
  4. Enter other details for the bank transaction.

Using Savings Accounts

You will enter Savings Transactions to handle the money that goes into or out of your savings account, and occasionally reconcile the account.

Goldenseal automatically includes the current balance of the account as an asset on your balance sheet.