ncmtc wrote: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.