We recently opened a savings account with our bank which has a separate account number and the bank statement is separate from our checking account statement.
I originally just made the savings account a different fund number. Now that I need to reconcile the accounts, the initial 1000.00 transfer from checking to savings doesn't show up in the reconcile module.
The way it stands now I can't reconcile our checking account or savings account.
Suggestions please!
Lisa
Is it possible to have two accounts in Powerchurch?
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Re: Is it possible to have two accounts in Powerchurch?
The transfer from checking into savings could be entered in the Enter Transactions screen as:
01-1110-000 Checking (Credit) $1000
01-1210-000 Savings (Debit) $1000
Once that transaction is posted, it will show up in your Bank Reconciliation process on both the checking and savings accounts. On the checking, it will be in the list of Withdrawals. In the savings, it will be in the list of Deposits.
01-1110-000 Checking (Credit) $1000
01-1210-000 Savings (Debit) $1000
Once that transaction is posted, it will show up in your Bank Reconciliation process on both the checking and savings accounts. On the checking, it will be in the list of Withdrawals. In the savings, it will be in the list of Deposits.
Re: Is it possible to have two accounts in Powerchurch?
FWIW ... having the Savings account under a different fund does add problems. As Zorak listed in his example above, if you just created the new savings account under the operating fund (where the initial funds would be coming from I assume) you just enter the transaction as listed above to reflect the original funds transfer.Turning Point wrote:We recently opened a savings account with our bank which has a separate account number and the bank statement is separate from our checking account statement.
I originally just made the savings account a different fund number. Now that I need to reconcile the accounts, the initial 1000.00 transfer from checking to savings doesn't show up in the reconcile module.
The way it stands now I can't reconcile our checking account or savings account.
Suggestions please!
Lisa
Why did you choose a 'different fund' instead of using fund 01 ?? You do realize that being under a different fund also means that it actually closes to a different unrestricted assets account in the new fund.
You may have to use transfer accounts.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
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Re: Is it possible to have two accounts in Powerchurch?
We did it that way because the treasurer wanted to. I thought it didn't make much sense and now I can tell him we need to do it the proper way. Thanks for all your help!NeilZ wrote:
Why did you choose a 'different fund' instead of using fund 01 ?? You do realize that being under a different fund also means that it actually closes to a different unrestricted assets account in the new fund.
You may have to use transfer accounts.
Re: Is it possible to have two accounts in Powerchurch?
What you should do is ADD that savings account to the 01 fund, then make it INACTIVE in the other fund. If you already did some transactions in it, you cannot delete itTurning Point wrote:We did it that way because the treasurer wanted to. I thought it didn't make much sense and now I can tell him we need to do it the proper way. Thanks for all your help!NeilZ wrote:
Why did you choose a 'different fund' instead of using fund 01 ?? You do realize that being under a different fund also means that it actually closes to a different unrestricted assets account in the new fund.
You may have to use transfer accounts.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
-
- Posts: 41
- Joined: Wed Feb 08, 2017 4:54 pm
Re: Is it possible to have two accounts in Powerchurch?
I have done that but I don't know how to make a fund Inactive.NeilZ wrote:Turning Point wrote:NeilZ wrote:
What you should do is ADD that savings account to the 01 fund, then make it INACTIVE in the other fund. If you already did some transactions in it, you cannot delete it
Re: Is it possible to have two accounts in Powerchurch?
From the ACCOUNTING menu: Fund Accounting -> Setup -> Maintain List of Accounting Funds -> click on NEXT button to get to that fund, then uncheck the ACTIVE box.NeilZ wrote:I have done that but I don't know how to make a fund Inactive.Turning Point wrote:
What you should do is ADD that savings account to the 01 fund, then make it INACTIVE in the other fund. If you already did some transactions in it, you cannot delete it
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.