ABC of setting up Fund Accounting

[bb]

Hi:

Please I am new to powerchurch and I need a run-down of how to set-up the Acconting Module so I dont make a mistake which could be later too costly to correct.

When entering my begining balances for Assets - Bank Accounts. (1) can I identify each of the chequing accounts with the bank name e.g. TD - SP1, TD - SP6 etc. (2). Will the church's line of credit be enterd as another chequing account too? especially when money will be flowing through it either to pay for some major expenses or even to any of the chequing accounts. Also it has a balance at the begining of the year too.

After entering all the opening balances for Assets and liabilities, what is the next stage of the set-up.
In my first attempt at the set-up after I fininshed with the opening balances, I got a message that I just completed the 1st stage of the set-up but I couldnt determine what the next stage would be and I couldnt see any notice of what to do next in the set-up.

Please help!

[JohnDMeyers]

To determine if your setup is complete, run a Balance Sheet report from Fund Accounting - i.e. Fund Accounting / Reports / Balance Sheet.

You should see the beginning balances that you entered in the setup wizard. If something is not correct, hit the RESET ACCOUNTING button and start the wizard again.

1) You can identify the chequing accounts as you mentioned. I would give them account numbers like:
01-1110-000
01-1120-000
01-1130-000
01-1140-000
01-1150-000
01-1160-000

2) When you receive $1,000 in your "line-of-credit" chequing account, enter it like this:
DB 01-1170-000 line-of-credit chequing $1,000
CR 01-2170-000 chequing liability $1,000

[bb]

Thanks so much for your prompt reply John!

Another quick question, do I set-up an Asset Account for the "Line of Credit - Chequing account"? more so since we have a begining balance ($96 - used from the line of credit) on the account...

For the set-up, I will enter the balance with a -ve sign.


Thanks.

[JohnDMeyers]

You would set up the line-of-credit chequing as an asset account. I'm not sure I understand the -ve thing.

Here are some more transactions. I showed you how to move money into the line-of-credit chequing.

To spend $100, it would look like this:
CR 01-1170-000 line-of-credit chequing $100
DB 01-5634-000 some expense account $100

To pay down the loan by $230 on the line-of-credit liability:
CR 01-1110-000 regular chequing $230
DB 01-2170-000 line-of-credit liability $230