Setting Beginning Balance for Restricted Account

[JennyB]

I recently installed PowerChurch v.11. I ran the accounting setup but only entered one restricted account. After much reading on the forum and the support section (Tech Tips, or something like that) I've come to the conclusion that I need to add a few more restricted accounts.

I figured out how to add the new donor restriction (Accounting > Fund Accounting > Setup > Maintain List of Donor Restrictions) and modify the Chart of Accounts by creating the income, equity, restricted release and, in this case, expense accounts.

However, how do I "transfer" the money into the restricted account? (I'm not sure that transfer is the appropriate term but it would moving from unrestricted to restricted.) I entering the data starting 1/1/10 so this will be our beginning balance that carried over from last year.

I appreciate the help. I'm not an accountant, and whew, this is a tad more complicated than the spreadsheets I was using.

[NeilZ]

I recently installed PowerChurch v.11. I ran the accounting setup but only entered one restricted account. After much reading on the forum and the support section (Tech Tips, or something like that) I've come to the conclusion that I need to add a few more restricted accounts.

I figured out how to add the new donor restriction (Accounting > Fund Accounting > Setup > Maintain List of Donor Restrictions) and modify the Chart of Accounts by creating the income, equity, restricted release and, in this case, expense accounts.

However, how do I "transfer" the money into the restricted account? (I'm not sure that transfer is the appropriate term but it would moving from unrestricted to restricted.) I entering the data starting 1/1/10 so this will be our beginning balance that carried over from last year.

I appreciate the help. I'm not an accountant, and whew, this is a tad more complicated than the spreadsheets I was using.

You would have to create transactions to DEBIT the unrestricted account and CREDIT the restricted account directly using the Enter Transactions module.

And I agree, it may be more complicated, but it will provide your church with a better system of tracking and reporting funds.

FWIW ... Powerchurch offers online classes for Funds Accounting (101 & 102) for $29.95 each. We've enrolled our bookkeeper in this class as she really didn't have any idea on how to do double entry accounting, and tried her best to keep the accounts. Having the training will definitely help

[JennyB]

Thank you so much! I think I will look into the online class.