Additional Checking Account

[sabmeyer]

I have recently become Treasure and have been moving all of our financial records to the powerchurch software. When I started we were on 8.5. In October on 8.5 I found another checking account that was not inthe system. I set it up, ran financials-I did not and nor did anyone else catch my Balance sheet is out of balance by this account. October got closed. I realize this in November and cannot edit/change. Any ideas or suggestions would be appreciated.Currently my Fund Balance (Owners equity) is understated by this account.

[JohnDMeyers]

Just enter the beginning balance of the new checking account and post in November.

You can the transaction in October, or Jan 1, for that matter.

DB 01-1120-000 new checking
CR 01-3110-000 unrestricted net assets

[sabmeyer]

John,

The checking account already has the balance I entered last month. 8.5 allowed you to put in a beginning balance and not off set the account any where. Upgrade version is a two entry system and will not let me back out the Oct one sided transaction nor can I adjust. If I offset with an expense or income it will throw me still out of balance on the balance sheet. If I am missing something here please explain further.

[JohnDMeyers]

When you put in the beginning balance, PowerChurch made the dual entry just as I showed in the previous post.

When you make and income, for example, you enter this:

DB 01-1110-000 checking $100
CR 01-4110-000 income $100

On the balance sheet, the Assets increase by $100, and the Equity plus Liabilities increase by $100.

There is a line in the equity section called Excess Income/Expenses. That is where the $100 will appear on the bottom of the Balance Sheet.

When you close the End of Year, the Excess Income/Expenses will be added into next year's beginning balance.

[sabmeyer]

John,

The issue is when I setup the account the 8.5 version appeared to do a one sided entry-it did not do the CREDIT side. That is my issue. It is like when I put in the beginning balance on the Asset it failed on the back end to do the credit-and I did not catch it. I have also contacted support regarding the issue. The only item I can think of is to edit the data base that this sits on-nto ideal -to get that account back to zero and enter the setup again. Let me know if you have any other thoughts or ideas.

[NeilZ]

John,

The issue is when I setup the account the 8.5 version appeared to do a one sided entry-it did not do the CREDIT side. That is my issue. It is like when I put in the beginning balance on the Asset it failed on the back end to do the credit-and I did not catch it. I have also contacted support regarding the issue. The only item I can think of is to edit the data base that this sits on-nto ideal -to get that account back to zero and enter the setup again. Let me know if you have any other thoughts or ideas.

Are you still on version 8.5 ?? AFAIK ... Powerchurch accounting has always been a double entry accounting system. You say you contacted support, they should have given you a way to adjust this.

[Zorak]

Prior to Version 9, where Fund Accounting was redesigned, there was a "Year start balance" field on each account. You weren't forced to enter a transaction to adjust account balances. You could just go in and type the beginning balance directly on the account.

In doing so, however, you would have to also go and adjust the beginning balance on the Fund Balance account as well, to keep in balance.

Hence, no more field to type a balance into. Enter balanced transactions.

So, to fix this, you can enter a transaction in Fund Accounting > Enter Transactions that starts with the reference/check no "OOB" (for Out Of Balance). The system will not force you to balance the transaction if this reference/check no is in place. A debit or a credit (depending on your situation) to the Fund Balance account should get you fixed up.

[NeilZ]

I remember that OOB transaction ... forgot why it was needed.

[sabmeyer]

Thanks for everyone's input. I will try this tomorrow.

[sabmeyer]

It worked !!!! Thank you and have a blessed day.

[NeilZ]