Probably a basic Fund Accounting Question

Scottydawg · Post by **Scottydawg** » Wed Oct 15, 2008 11:21 am

Hi,

I have been using PCP (the software) now since April. To make it simple, I have had everything under 1 fund. Now, we want to move to more of a multi fund based accounting so that we can budget things better and keep fund balances and such. My question is...

It looks like I have to create a new checking account for each fund set up. I can not get an account under fund #2 to post to the checking account on fund #1. Does that mean that I will have to reconcile 8-10 different accounts at the end of the month seperately? I want to keep just one checking account at the bank. Am I missing something? Can someone please clear this up for me?

Post by **Jeff** » Wed Oct 15, 2008 4:27 pm

The program knows that accounts with the same major account are one physical account. So the accounts 01-1110-000, 02-1110-000, and 03-1110-000 will be reconciled together in the bank reconciliation process.

Scottydawg · Post by **Scottydawg** » Wed Oct 15, 2008 4:40 pm

Thank you. That makes it so much easier.