Contribution-Accounting Linking

[ncmtc]

Hello,

Thank God the site is back.

I could use some help here, I am done with the contribution setup/data entry for the month Jan 12. Now I would like to show up contribution into the accounting module.

This is the order I followed.

1. Contribution setup
2. Added the contributions for Jan
3. Did the post. (select "Update Fund Accounting" from drop down)
4. Since someone else tried to do the Accounting module and which was not setup right, I had to re-do from the start.

Wondering how can I make the entries what I made in Contribution to show up in Accounting. I entered the Opening Balance of 2012 in accounting module, and only that is showing up.

Regards,
Bobby.

[NeilZ]

Bobby,

All you need to do is create the Deposit transactions in Funds Accounting. You can use two things to do this:

1. Any deposit slip copies that were made when the deposits were made, or the bank account statement showing the deposit

2. Using the Funds report for each week from the Contributions reports.

What you should then do, is find one of the Contributions Deposits from February, then use that to create the Funds Accounting transactions.

Hope this helps.

[ncmtc]

Thanks for the reply.

I already posted the month of Jan in Contributions, how can I get that to Accounting module, without typing the whole thing again.

Regards,
Bobby

[NeilZ]

Thanks for the reply.

I already posted the month of Jan in Contributions, how can I get that to Accounting module, without typing the whole thing again.

Regards,
Bobby

See my answer ... you have to create the Deposit transactions in Funds Accounting using the information as I listed above. The only thing you need to do in Contributions, is run the reports to get the amounts contributed to each Contribution fund.

[ncmtc]

Thanks again.

I was under the impression that what ever I enter thru contribution module could be posted to Accounting, that is Accounting Module should be able to pull the entries from Contribution module for each funds.

Looks like I need to re-enter all the contributions again thru the Funds Accounting. Please advise if otherwise.

Thank you for the support.
Bobby

[NeilZ]

Thanks again.

I was under the impression that what ever I enter thru contribution module could be posted to Accounting, that is Accounting Module should be able to pull the entries from Contribution module for each funds.

Looks like I need to re-enter all the contributions again thru the Funds Accounting. Please advise if otherwise.

Thank you for the support.
Bobby

No ... there is only a ONE WAY interface from Contributions to Funds Accounting, and its not a direct interface. When you POST CONTRIBUTIONS, and select the Update Funds Accounting option, the system will create the Funds Accounting transactions and put them in the Unposted Transactions queue in Funds Accounting.

Now, these unposted transactions from the Contributions that you entered may be sitting in Funds Accounting just waiting to be posted there. However, based on what you said about the Chart of Accounts in Funds Accounting not being setup correctly, these transactions may not be available any longer.

Again, all you need to do is create the Deposit transaction. As I mentioned, just run the Contributions report for each week to determine where to allocate the contributions in the FA income accounts. For 4 weeks in January, this would result in your creation of 4 separate deposit transactions.

I strongly urge that you look at a Contributions deposit transaction from February for an example of how to set up that transaction.

[Eden Whitehead]

.... I was under the impression that what ever I enter thru contribution module could be posted to Accounting....
Bobby

Piggy-backing on Neil's reply....

What you've said here is correct, once you get the Funds Accounting module set up correctly. After fixing the problems from January, per Neil's steps, IN THE FUTURE when you post contributions to Update Funds Accounting, it will be as Neil said (and as you also said): the contributions will be posted over to the UNPOSTED transactions in the Funds Accounting module. Then you post them in Funds Accounting and you're finished! No need to re-type anything.

Hope this helps,
Eden

[ncmtc]

Thank you for the reply, it makes sense now.

Now I am trying to create all deposits thru the "Fund Accounting" --> 'Enter Transaction' --> I entered the line item and followed by the amount in "credit" - I am not able to save the transaction. It is giving the message "Transaction cannot be saved because it is not in balance". I am pretty sure I am doing something wrong here.

Thank you in advance.

[NeilZ]

Thank you for the reply, it makes sense now.

Now I am trying to create all deposits thru the "Fund Accounting" --> 'Enter Transaction' --> I entered the line item and followed by the amount in "credit" - I am not able to save the transaction. It is giving the message "Transaction cannot be saved because it is not in balance". I am pretty sure I am doing something wrong here.

Thank you in advance.

Powerchurch uses double entry accounting. This means that for every debit you must have a credit and vice versa. This is a standard bookkeeping practice.

In other words, for your deposit, you need to reflect the amount coming in to an Income account, to track income, and also show the money as deposited in your checking.

In my posts above, I recommended that you find a posted in Contributions deposit for February that was updated to Funds Accounting and then that transaction Posted in Funds Accounting. It would give you a reasonably good template to follow for most of the deposits.

However, I can give you a quick overview here:


Lets say your total deposit for a Sunday was 2275.00, which was collected for Tithes & offerings, Building Fund, Benevolence and Deacons

Your transaction would look something like this:

01-1110-000 - Checking Account - DEBIT - 2275.00
01-4030-000 - Tithes & Offerings - CREDIT - 1809.00
01-4210-000 - Building Fund - CREDIT - 433.00
01-4630-000 - Benevolence - CREDIT - 6.00
01-4710-000 - Deacons - CREDIT - 27.00

If you total all the credits, you'll see it matches the debit. All the 4000 series accounts are INCOME accounts. This then allows you to report the various income items via the built in reports.

Of course this assumes that you only have one Funds Accounting Fund to work with. If you break them down into a separate Operations Fund, Building Fund, Deacons Fund, and so on,the transaction will be somewhat different.

[ncmtc]

Thank you very much - This is great. I can't believe I am learning accounting.

I have entered for the month of Jan and didn't post yet. So I have all the income to the Church General account now. I also ran a report for unposted transactions.

Next step would be to enter the expenses (like Gas, power, Pastor salary etc). What is the best way handle those. Sorry for asking such a simple thing, I am learning and would like to do it right.

Much appreciate all the help.

Bobby