User Support Forum

I am using the online version of PCPLUS 11.55.

Our church just purchased some property with money from the Building Reserve Fund. I transferred the money from the Building Reserve Fund asset account to the checking account.
DB 01-1110-000 Checking
CR 01-1220-000 Building Reserve Fund

A cashier's check was written from the checking account to take to the closing. My question is what is the next step in this process of recording the transactions? Is the following transaction correct?
DB XX-XXXX- Land Asset
CR XX-XXXX- Fund Balance

The land is paid in full so I don't need to setup a mortgage account. The difference in the money that was transferred and what was paid at closing will go toward clearing the property. How do I account for that money?

I hope this is enough information. Any assistance provided will be very appreciated.

I think the second transaction would be the cashiers check that went to closing, to record in PowerChurch what happened in the real world.

DB Land Asset
CR Checking

Using Online PCPLUS 11.5, Windows 7 Professional.

We transfer $2,333.33 each month from our checking account to a building reserve fund to help with major expenses on the building or for future property purchases. I handle this transaction as follows:
CR 1110 Checking $2333.33
DB 1220 Building Reserve Fund $2333.33

Then to show it as an expense since it is a budgeted amount I do the following:
CR 3110 Fund Balance $2333.33
DB 6620 Building Reserve Fund Expense $2333.33

No issues there, but I need help with the following:

In January, the church decided to purchase property across the street from the church using the building reserve fund money. I used $1,000.00 from the monthly transfer to put down as Earnest money.
CR 1110 Checking Account $1,000.00
DB 6620 Building Reserve Fund Expense $1,000.00

That left $1,333.33 of the monthly expense sitting there.

I then transferred $41,666.67 from the Building Reserve fund account to the Checking account:
DB 1110 Checking $41,666.67
CR 1220 Building Reserve Fund $41,666.67

That put $43,000 in the checking account to purchase the property, handle demolition and tree removal. This is where I am stuck:
$34,167.20 was done as a cashier's check to take to the closing for purchasing the property, and I did the transaction as follows:
CR 1110 Checking Account $34,167.20
DB 1510 Land $34,167.20

I'm not sure if that is correct.

Then I had several other transactions to happen that have me really confused:
What do I do with the leftover money ($1,333.33 from the leftover January Building Reserve Fund transfer and $6,166.14 leftover from the $41,666.67 that I transferred to purchase the property)? I need to use this money to handle the demolition and tree removal on the new property without affecting any expense accounts. I'll have $339.47 to transfer back to the Building Reserve Fund when everything is accounted for.

If anyone can help me with these transactions, I will be eternally grateful. I'm needing to figure this out before our Finance Committee next week.

Karin Watson
Temple Baptist
Columbia, SC