How to enter prior period acctg data
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How to enter prior period acctg data
We recently acquired PC, however we need to enter 8 mths of prior period accounting data, which includes vendor checks, payroll, and contributions. Need to confirm easiest way to input info expeditiously. If possible please provide insight by based on input module. (IE. accounts payable, payroll, contributions). I greatly appreciate assistance.
Re: How to enter prior period acctg data
Sorry I just saw this post did not have any responses. I'm assuming that you want to enter data going back to start of your accounting year. I'm not aware of any quick way of doing this, you will need to enter the data just as if you were doing it for current month. You didn't say which modules you were using. If you are using the accounts payable module, you could enter all the checks written for each month and then when you post to accounting it will create all the entries in accounting. Since your checks have already been written, I would suggest entering them as manual checks and then you can make sure the check numbers agree for each check written.
If you are using contributions, then enter contributions for the month and post to accounting and then it will create the accounting entries also. I would suggest you do one month at a time. Once you get all your entry for the month, run a trial balance to make sure all the debits and credits balance, reconcile any bank accounts and verify that your fund balances are correct. Make a backup after each month is completed so you can go back if you have issues with a month.
Take some time to carefully set up your chart of accounts, you can change it later but time spent here will help you be more consistent in recording income and expenses. There is always a question about the level of detail, just remember that the more income and expense accounts you have the more complex your accounting will be. You may already be using some method of reporting income and expenses and it will probably work best if you set up chart of accounts to look like that.
Good luck, this will take some time but think you will find that Power Church is excellent program and their customer support is outstanding.
If you are using contributions, then enter contributions for the month and post to accounting and then it will create the accounting entries also. I would suggest you do one month at a time. Once you get all your entry for the month, run a trial balance to make sure all the debits and credits balance, reconcile any bank accounts and verify that your fund balances are correct. Make a backup after each month is completed so you can go back if you have issues with a month.
Take some time to carefully set up your chart of accounts, you can change it later but time spent here will help you be more consistent in recording income and expenses. There is always a question about the level of detail, just remember that the more income and expense accounts you have the more complex your accounting will be. You may already be using some method of reporting income and expenses and it will probably work best if you set up chart of accounts to look like that.
Good luck, this will take some time but think you will find that Power Church is excellent program and their customer support is outstanding.