We began our church in 2000 and purchased powerchurch software in 2008. We actuall began using powerchurch beginning January of 2008. At the time we started inputing powerchurch we did not key our assets i.e. building, sound equipment, chairs, pews etc.
Our church is currently trying to refinance its loan and the bank is requiring financial statements for the years of 2008, 2009 and 2010. Unfortunately in going over the powerchurch manual it indicates that we can make a general journal entry but can only start at the last open month (which is December 2010).
Is there a way to go in a make journal entries for 2008 and 2009 without have to wipe out our history doing a restart of accounting. I figure that we would have at least 126 hours of pure fun if I need to start over
Can someone please give me good news so my pastors wife will start smiling again!!!
Our annual report (which is what the bank is looking for) is actually produced using Excel. I get the information from PowerChurch and manually produce three statements (the first two are actually enough):
The Balance Sheet or "Statement of Financial Position", which is 10 lines long
The Income and Expense Statement or "Statement of Activity", which is 31 lines long
The Cash Flow or "Sources and Uses of Cash", which is 8 lines long.
It sounds like you have enough information for the "Statement of Activity".
You don't need to enter the information into PowerChurch to produce a Balance Sheet. You can do the previous years' information in a spreadsheet, and include it with your other report(s).
The reason I use Excel is because I don't know how to customize using Crystal Reports (which is required for custom reports in PowerChurch), and I like to format with bolds, and indents, etc.
I would suggest you enter your assets in as of 1/1/11, so that next year's report information will all come from PowerChurch.
For what it's worth, you cannot go back and enter information in 2008 and 2009, so that is not an option. Doing the total re-work (the 126 hour option) is available, but I don't recommend it. I think the biggest re-work I ever did (15 or 20 years ago), was about 80 hours.
You can watch my PowerChurch tutorials now on YouTube!
