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
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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:
- Choose Savings from the Accounts menu.
- Choose New Record from the Edit menu, or click the New button.
- 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:
- Choose Savings Transactions from the Bank menu, and choose an account from the submenu.
- Click the New Button, or choose New Record from the Edit menu.
- Click on the Type popup at top center, and select a Payment, Deposit, Transfer
In or Transfer Out.
- 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.

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