Search found 34 matches

by Turning Point
Thu May 13, 2021 2:45 pm
Forum: Accounting
Topic: Setting up a holding fund
Replies: 3
Views: 203

Re: Setting up a holding fund

Since this these are funds that you are eventually required to pay out, a liability account is a good way to handle it. In this way you can expense the proper expense account for the full amount at the time of the invoice, yet retain what you have to pay later. Sorry to bother again. I just want to...
by Turning Point
Tue Apr 13, 2021 1:48 pm
Forum: Accounting
Topic: Setting up a holding fund
Replies: 3
Views: 203

Setting up a holding fund

Our church is beginning a major renovation of our building. According to Oregon law we are required to withhold 5% of each invoice and keep it in a "retention account". We have a renovation fund already set up for smaller items we've had done. Am I correct in thinking that I should set up a liabilit...
by Turning Point
Tue Dec 29, 2020 1:06 pm
Forum: Contributions
Topic: pass through vs temp. restriction
Replies: 1
Views: 154

pass through vs temp. restriction

Our church is planning on helping one of our missionaries purchase a home for their ministry. We plan on gathering the money and then sending it on to them. My question is would it be better to use a pass through account or a temp. restriction account. We just want to make sure that all the money is...
by Turning Point
Wed May 06, 2020 12:50 pm
Forum: Contributions
Topic: Reinstating Vanco Customer
Replies: 1
Views: 174

Reinstating Vanco Customer

One of our members set up an account with Vanco, then had her CC compromised, tried to cancel the card at Vanco and ended up cancelling her account. I went into Vanco and removed the date from the cancel field but now she gets a message telling her to contact the church to reinstate her account. Has...
by Turning Point
Fri Apr 24, 2020 12:10 pm
Forum: Contributions
Topic: Failure to login to Vanco
Replies: 2
Views: 156

Re: Failure to login to Vanco

That worked perfectly. Thanks so much! You make my job so much easier!
by Turning Point
Thu Apr 23, 2020 4:33 pm
Forum: Contributions
Topic: Failure to login to Vanco
Replies: 2
Views: 156

Failure to login to Vanco

I have just set our church up to accept online contributions through Vanco. After receiving all of the credentials required, I entered that information in the "Import from Vanco" screen. I get as far as importing, but I get a "Login request failed with: Request Timeout" Vanco says they are not famil...
by Turning Point
Tue Jan 14, 2020 3:39 pm
Forum: Accounting
Topic: Bring a fund to zero
Replies: 4
Views: 163

Re: Bring a fund to zero

Is that a negative balance? You can do an Out of Balance transaction to add an amount to the fund to clear it out. You can find out more about Out of Ballance entries by doing a search on OOB in the built-in help. If the Balance Sheet shows that the books are in balance (total assets = total liabil...
by Turning Point
Fri Jan 10, 2020 5:31 pm
Forum: Accounting
Topic: Bring a fund to zero
Replies: 4
Views: 163

Bring a fund to zero

We have a fund for land that we no longer owe. It shows a balance of (1868). Is there a right was to zero this out to get it off the books?
by Turning Point
Wed Jan 08, 2020 1:07 pm
Forum: Accounting
Topic: Oregon 2020 Tax Tables
Replies: 1
Views: 65

Oregon 2020 Tax Tables

I am unable to update our state income tables.
When I try to enter to percentage rate, I am only allowed to enter 3 number to the right of the decimal. With our new rates I need 4.
by Turning Point
Thu Sep 19, 2019 4:31 pm
Forum: Accounting
Topic: Entering Sale of Land
Replies: 4
Views: 165

Re: Entering Sale of Land

Perfect!!

Thank you so much!

Lisa
by Turning Point
Thu Sep 19, 2019 1:27 pm
Forum: Accounting
Topic: Entering Sale of Land
Replies: 4
Views: 165

Re: Entering Sale of Land

This is how I've been entering our mortgage payments, it was set up by the previous bookkeeper. CR 01-1110-000 DB 01-2620-000 Mortgage principal DB 01-5610-000 Mortgage Interest I'm wondering if I should show the entire sale amount coming in and then showing all the disbursements that were made? The...
by Turning Point
Wed Sep 18, 2019 1:28 pm
Forum: Accounting
Topic: Entering Sale of Land
Replies: 4
Views: 165

Entering Sale of Land

We recently sold some land and I want to make sure I enter it correctly. Some of the proceeds were used to pay off our mortgage and some to fees, etc. We received the balance of the proceeds. How do I show the mortgage paid off since that money never technically came into the church? Also, the money...
by Turning Point
Wed Jan 30, 2019 5:07 pm
Forum: Accounting
Topic: Payroll Taxes
Replies: 3
Views: 136

Re: Payroll Taxes

The $401.18 is the employer portion of the tax being expensed out at the time of writing the Payroll check. When you make the tax deposit payment, you would record that money coming out of the 2217 liability account, rather than expensing it a second time. So my check should look like? 01-1110-000 ...
by Turning Point
Wed Jan 30, 2019 2:45 pm
Forum: Accounting
Topic: Payroll Taxes
Replies: 3
Views: 136

Payroll Taxes

I hope this isn't too basic a question and I will try to explain this as best I can. I don't know why I can't seem to grasp this. I don't even know if our payroll is set up correctly as it was done before I arrived. We use a payroll service. They call and I tell them how many hours everyone worked, ...
by Turning Point
Tue Jan 22, 2019 1:03 pm
Forum: Accounting
Topic: How do I handle two banks?
Replies: 1
Views: 72

How do I handle two banks?

We are selling some of our land and our leadership team wants to split the money into different banks to make sure everything is FDIC insured. How do I handle that in PC? I assume that I cannot just keep doing the normal accounting as I can't imagine how I would balance the accounts. Any ideas or su...