Search found 733 matches
- Sat Dec 21, 2019 3:44 pm
- Forum: Accounting
- Topic: New W4 for 2020
- Replies: 12
- Views: 2006
Re: New W4 for 2020
Based on the early release copies of the Percentage Table Methods that will appear in the final Publication 15-T there will be a total of 6 Federal Withholding Tables that will need to be set up in PowerChurch. 3 "Standard" tables will need to be set up for W-4s from 2019 or earlier, or if the W-4 i...
- Sat Mar 30, 2019 9:43 pm
- Forum: Accounting
- Topic: tracking long term investment asset
- Replies: 3
- Views: 638
Re: tracking long term investment asset
To do the update input an entry that debits the asset account for the investment and credits the fund balance account associated with that investment. Going forward, recommend that you set up an income account to record the interest that is capitalized. Set the close to account to be the fund balanc...
- Sat Mar 30, 2019 9:37 pm
- Forum: Accounting
- Topic: negative liabilities
- Replies: 1
- Views: 453
Re: negative liabilities
Are these accounts used to accumulate the withholding for insurance deductions from people's pay? If so, a negative payable indicates there is a disconnect between what was withheld from people's pay and what was actually paid to the insurance company. Recommend that you run an account activity repo...
- Sat Jan 26, 2019 10:14 pm
- Forum: Accounting
- Topic: Payroll
- Replies: 7
- Views: 1087
Re: Payroll
I assume the portion that showed up was the deduction from his salary. If so, to get the portion paid by the church to show up too you'll need to create a Taxable Benefit Pay Item. Select W from the Box 12 drop down. On the "Benefit is Taxable by Which Taxes" Box do NOT select any of the taxes (e.g....
- Fri Jan 25, 2019 9:49 pm
- Forum: Accounting
- Topic: Payroll
- Replies: 7
- Views: 1087
Re: Payroll
The $3,000 paid by the church needs to be reported in box 12 on his W-2 with a code W. The $3,000 paid by your pastor is included as part of the wages paid in box 1 on his W-2, unless this was paid using a cafeteria plan. If the latter, this $3,000 would be combined with the $3,000 paid by the churc...
- Fri Jan 04, 2019 10:51 pm
- Forum: Accounting
- Topic: Direct Deposit File
- Replies: 6
- Views: 815
Re: Direct Deposit File
If this situation happens to a user again I did discover there is a way to reprocess the payroll to recreate the Direct Deposit file without having to either delete the unposted transactions or void the first set of paychecks if the transactions were posted. To do so, reprocess the payroll and proce...
- Fri Jan 04, 2019 10:25 pm
- Forum: Accounting
- Topic: Assets don't equal liabilities + fund balance on bal.sheet
- Replies: 2
- Views: 999
Re: Assets don't equal liabilities + fund balance on bal.she
There is a little known feature where you can input a one sided accounting entry into PowerChurch. To do so, input OOB (that's letter O, letter O, B--for Out Of Balance) at the beginning of the reference number e.g. OOB CORRECTION. The system will then allow you to post the one sided entry without g...
- Sat May 26, 2018 10:17 pm
- Forum: Accounting
- Topic: How to Remove Obsolete Accounts with Balances
- Replies: 2
- Views: 651
Re: How to Remove Obsolete Accounts with Balances
I assume that the 5 accounts from the old bank are closed. If so, to clear the balances in PowerChurch for your example, input an entry in Fund Accounting that debits the Unrestricted Net Assets account (01-3110-000) and credits the checking account (01-1110-000) for $2,476.93.
- Sat May 26, 2018 9:39 pm
- Forum: Accounting
- Topic: funds and debit cards
- Replies: 6
- Views: 911
Re: funds and debit cards
Yes, this is very hard to understand. It would really help if you could provide us with examples of actual accounting entries (include the actual account number-e.g. 01-1110-000, account name, amount, and whether the account is being debited or credited) for the following transactions: 1). Women's m...
- Sat May 26, 2018 8:18 pm
- Forum: Accounting
- Topic: Restricted funds Income-Expense reports
- Replies: 7
- Views: 1397
Re: Restricted funds Income-Expense reports
I would also highly recommend that you read the "Accounting For Contributions" document located at https://www.powerchurch.com/support/59/1/accounting-for-contributions Based on your concerns, I think it would help if you set up two Accounting Funds--one for your General Fund and one for your restri...
- Wed Sep 20, 2017 11:09 pm
- Forum: Accounting
- Topic: Trial Balance vs. Changes in Equity
- Replies: 8
- Views: 4150
Re: Trial Balance vs. Changes in Equity
To understand why the account balances on the Changes in Equity report are not the same as the corresponding account balances on the Trial Balance you need to understand fundamental accounting principles. The first fundamental principle to understand is that Assets = Liabilities + Equity. This princ...
- Sun Jan 08, 2017 9:40 pm
- Forum: Accounting
- Topic: Fund Accounting Setup - Posted Contributions not showing up
- Replies: 2
- Views: 633
Re: Fund Accounting Setup - Posted Contributions not showing
Because the contributions for January 2 were posted in the Contributions module before the Accounting Module was set up they only posted to the Contributions Module. You'll need to record a journal entry (GE) in Fund Accounting for them. Run the Funds Report by Date in the Contributions Module to ge...
- Thu Dec 29, 2016 8:25 pm
- Forum: Accounting
- Topic: Credit Cards
- Replies: 1
- Views: 564
Re: Credit Cards
Yes, input each receipt separately into PowerChurch. When inputting them debit an expense account and credit a liability account. Then, when you get the monthly statement you can use the bank reconciliation feature in PowerChurch to reconcile the charges on the statement to the postings made in Powe...
- Wed Sep 21, 2016 9:31 pm
- Forum: Accounting
- Topic: Multiple Customers Paying on One Invoice
- Replies: 2
- Views: 613
Re: Multiple Customers Paying on One Invoice
I would recommend that you set up one customer record for the child's fees. I'd recommend using the custodial parent as the customer. It would be helpful if the Maintain Open Payments screen had a memo field. The memo field could then be used to add notes about who made the payment. Perhaps this is ...
- Wed Sep 21, 2016 9:10 pm
- Forum: Accounting
- Topic: Accounts Receivable Credit Memos
- Replies: 7
- Views: 1168
Re: Accounts Receivable Credit Memos
In reviewing the description of the Payment Statement report it says that the report can be used to provide parents a statement of child care or tuition payments for the year. However, as you note in your post and as I tested myself, the report does not show the portion of the payment that was appli...