Release Accounts - Temporarily Restricted Equity

[kathleenbayles]

We are not using Release Accounts. Do I still set up the Equity Accounts as "Temporarily Restricted"?

[JohnDMeyers]

You don't have to set them up until or unless you use them.

[kathleenbayles]

John, thank you.

I am a new user to PowerChurch--actually, just getting started. I will probably have lots of questions that I am unable to find in the book.

Again, thank you.

Kathleen

[NeilZ]

John, thank you.

I am a new user to PowerChurch--actually, just getting started. I will probably have lots of questions that I am unable to find in the book.

Again, thank you.

Kathleen

FWIW ... there are plenty of users here ready to assist. Also, if you do a search, often you can find an answer much quicker.

Finally, welcome to the fold

[kathleenbayles]

I still need more clarification on this. I know that I don't have to set up the Release Accounts unless I use them, but I am using individual Equity Accounts for each of my restricted accounts. Since I am not using Release Accounts, should these Equity Accounts for the restricted funds be marked as Temporarily Restricted or Not Restricted?

Kathleen

[NeilZ]

I still need more clarification on this. I know that I don't have to set up the Release Accounts unless I use them, but I am using individual Equity Accounts for each of my restricted accounts. Since I am not using Release Accounts, should these Equity Accounts for the restricted funds be marked as Temporarily Restricted or Not Restricted?

Kathleen

Kathleen

perhaps letting us know what the equity accounts are being used for, that would assist us in deciding what to advise you to do.

[JohnDMeyers]

Kathleen:

I mis-read your original post.

When you said that you didn't need release accounts, I thought you were implying that you weren't using Temporarily Restricted accounts, either.

The correct answer is, if you are using Temporarily Restricted accounts, you will need to also use Release Accounts.

Here is a link of a recent discussion. In this link is also a link to prior discussion. Please read these.

http://powerchurch.com/forum/viewtopic. ... ted#p16433

The short answer is that every restriction requires three unique accounts and one general release account. These four accounts are outlined in the link above.

[debbieg]

Kathleen,
I have just gone through this myself....also a brand new user for Accounting.
Did you use the Accounting Setup assistant? If you tell the assistant what temp. restricted accounts you are going to have, it sets up all the corresponding accounts for you automatically.
Now, knowing what to do with them afterwards.....well, that's another story.
Debbie

[JohnDMeyers]

Debbie:

I will chime in with the "what to do" part. If you use the setup wizard, it's pretty simple.

Enter Restricted Contributions using the Contribution Fund number you setup using the wizard.

When you make a payment using restricted funds (and wish to "release" some money from the restriction), setup the Invoice in Accounts Payable as usual, and click on the "RELEASE RESTRICTED FUNDS" button at the bottom of the invoice window. You will asked to click on the name of the restriction, and PowerChurch does the rest!

If you are making the entry in Fund Accounting / Enter Transactions, there is a "RELEASE RESTRICTED FUNDS" button there as well.