How to enter Beginning Balance?

[delgador89]

Hello;

I just started using PowerChurch; however, I cannot find the way to enter my beginning balances of all of my accounts. Can I please get some help? So far I did the Debit, but I don't know from which account to Credit the balance.

[Matt]

For your beginning balances, the offset account will be the Fund Balance account. For example, when entering the beginning balance for your checking account (an Asset)(a Debit), the offsetting credit will be to the Fund Balance account (most likely Unrestricted Net Assets-the 3110 account). Likewise, when entering the beginning balance for a liability, such as Withheld Taxes (a Credit) the offsetting debit will be to the Fund Balance account.

By the way, if you use the Accounting Setup Assistant to set up your accounts the system will automatically create all of the debit/credit postings for your beginning balances. I would recommend that you use the Accounting Setup Assistant to establish your beginning balances if at all possible. One of the main reasons is that the Assistant gives you a place to input the outstanding checks and deposits on your bank accounts so that you can reconcile the beginning balances that you load to the bank statement balance. There is no good way to load the outstanding checks and deposits if you load the beginning balances manually via Enter Transactions in Fund Accounting.