What is the recommended best practice in setting up an asset account that contains money with several designations? Is this a case where sub-account codes should be used? I'm not seeing any good examples in the Powerchurch documentation.
For example - a savings account (or a CD) containing funds that are allocated to
Music Fund
Youth Pilgrimage
Outreach
We track the total value of the categories via Net Assets, but leadership also likes to know when looking at a Balance Sheet how the total amount in the Savings/CD is allocated.
Additionally, if the money for the Youth Pilgrimage is spread across a CD and a Savings Account, Net Assets shows the total, but not where the dollars actually reside.
What is the recommended best practice in setting up an asset account that contains money with several designations? Is this a case where sub-account codes should be used? I'm not seeing any good examples in the Powerchurch documentation.
For example - a savings account (or a CD) containing funds that are allocated to
Music Fund
Youth Pilgrimage
Outreach
We track the total value of the categories via Net Assets, but leadership also likes to know when looking at a Balance Sheet how the total amount in the Savings/CD is allocated.
Additionally, if the money for the Youth Pilgrimage is spread across a CD and a Savings Account, Net Assets shows the total, but not where the dollars actually reside.
This is actually what I've done when setting up Powerchurch for a few congregations.
I used the same Checking account for all, just created individual Donor Designated accounts using the {b]Maintain List of Donor Restrictions[/b] function. You would create separate Net Asset Accounts for each designation, separate income accounts, but all would use the same asset account. When you need to 'release funds' you would do that as you would normally pay a bill, the funds would move out of checking, but at the same time you would click on the 'release restricted funds' button, select which designated account to release from, and the funds would move from the restricted net assets account to the unrestricted net assets account used by the checking or savings account.
You get all the visibility you need in the Balance Sheet, as well as the I&E Report.