Keeping track of restricted funds

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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Heidilr1
Posts: 81
Joined: Wed Oct 20, 2010 10:52 am

Keeping track of restricted funds

Post by Heidilr1 »

We have 3 bank accounts:
1 - General Fund for daily operating expenses;
2 - Mission Fund for all missions related activity &
3 - Restricted Fund where all restricted contributions are kept. I am therefore using transfers instead of release from restriction, since I am making a bank transfer b/w accounts (I deposit all money into the GF and then make a bank transfer and do the opposite for payments from RF since it is a savings account with limits on # of withdrawals).

Is there a way to keep track of the various restrictions within the restricted fund? For example, we have restrictions for men's ministry, women's, benevolence..., and I need to keep track of how much is in each fund. Not sure how to do that w/in the restricted account.

Thank you for any help!!

NeilZ
Posts: 10579
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Keeping track of restricted funds

Post by NeilZ »

Heidilr1 wrote:We have 3 bank accounts:
1 - General Fund for daily operating expenses;
2 - Mission Fund for all missions related activity &
3 - Restricted Fund where all restricted contributions are kept. I am therefore using transfers instead of release from restriction, since I am making a bank transfer b/w accounts (I deposit all money into the GF and then make a bank transfer and do the opposite for payments from RF since it is a savings account with limits on # of withdrawals).

Is there a way to keep track of the various restrictions within the restricted fund? For example, we have restrictions for men's ministry, women's, benevolence..., and I need to keep track of how much is in each fund. Not sure how to do that w/in the restricted account.

Thank you for any help!!
I'd take a good look at the restricted funds accounting function. We basically have only one checking account, but three separate accounting funds. All money gets deposited into the one account, and the accounting system keeps track of what is where.

As far as using Restricted Accounts, you can find out more using either the Powerchurch manual, or by doing a search on the built-in help in Powerchurch to find Restricted Accounts (the info is the same). They give some good examples of what it means to use these accounts.

This thread will also help:
http://powerchurch.com/forum/viewtopic.php?f=3&t=4712
Neil Zampella

Using PC+ since 1999.

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