Restricted Donor Fund

[kilpatrick]

I have v 11.5

I have just started using Restrictive Donor Funds, and have a few set up already by using instructions from the knowledge base. Now I need to release some funds, and I need to do this through a fund transaction and not a check because it was actually done through the credit card. So, I need to credit the credit card account and debit the line item in the chart of accounts, then push the release restrictive funds tab and it automatically adds two more line items. (Then I will do a check credit to the bank and debit the credit card account). Problem is when I try to save the transaction. It says I need an expense account, but the line item I have credited is an expense account that does appear on the chart of accounts. What am I doing wrong?

[NeilZ]

I have v 11.5

I have just started using Restrictive Donor Funds, and have a few set up already by using instructions from the knowledge base. Now I need to release some funds, and I need to do this through a fund transaction and not a check because it was actually done through the credit card. So, I need to credit the credit card account and debit the line item in the chart of accounts, then push the release restrictive funds tab and it automatically adds two more line items. (Then I will do a check credit to the bank and debit the credit card account). Problem is when I try to save the transaction. It says I need an expense account, but the line item I have credited is an expense account that does appear on the chart of accounts. What am I doing wrong?

Well, you do need an expense account to show that the funds were used to support some ministry or area within the church. I see that when you setup your credit card liability account you followed Matt's advice here:

viewtopic.php?f=3&t=11108&p=35057

When you go to enter the charge, you will debit the expense account, and credit the Liability account. I'm fairly sure this is when you should release the Restricted Funds as you are creating a liability using 'regular' funds, and the release here replenishes those funds.

Yes, its all on paper, as the money is in the same checking account (I'm assuming) but this tracks the funds from restricted to unrestricted use for the liability.

You may want to test this by doing a backup, enter the transaction as I described, and seeing what will or will not happen.

[kilpatrick]

Yes, I love using the credit card liability! It makes it so much easier!

Ok, I tried entering this again, and this is what it looks like:
Credit Debit
02-2291-000 Credit Card Payable Credit Card Charge 149.98
02-7355-001 Leader Admission Family Life Reg. 149.98
02-4825-000 Weekend to Rem. Release restrictive am. 149.98
02-4999-000 UNKNOWN Release restrictive am. 149.98

When I go to save it, it says that "Account numbers not found in Chart of Accounts."

I didn't think that equity and income accounts show up on the Chart of Accounts? Our Chart of Accounts start at 500. The expense account that I am using is the 02-7355-001, and it is on our Chart of Accounts.

[kilpatrick]

Sorry, I had everything lined up, but it doesn't show it that way after I submitted it.

The 02-2291-000 credit card liability is a debit
The 02-7355-001 Expense account is a credit
The 02-4825-000 Release is a credit
The 02-4999-000 Release is a debit

[Jeff]

The 02-4999-000 account that says unknown is not in your chart of accounts. Or at least not in the 02 fund. Go to the maintain chart of accounts screen and see if the 4999-000 account is in the 02 fund. If it is not, add it to the 02 fund.

[kilpatrick]

It worked!!! Thank you so much, I really appreciate all of your help!

One last question on this, I had to change the account number because it was already being used. So the new number does not automatically show up. I just entered the account number over top of it. How do I get it to be automatic?

Also, what report do I run that will show me the balance that is in the Restrictive Funds?

[Jeff]

To get it to be automatic, change the released from restriction account in the Accounting Setup. You can use the balance sheet or the changes in equity accounts report to see the current balances of the donor restrictions.

[kilpatrick]

Thank you for all of your help!!