New Accounting Fund

[PamelaS]

I need to set up a new accounting fund that will be a pass-thru. Some of our youth attend a camp each year. We collect deposits from the parents and payments for this camp. After camp is over, we write a check to the camp. We currently have one fund set up so that when people make their deposits, payments, etc., it is placed in that fund (in the Contribution module). However, this fund was not set up as a pass-thru and any fundraising dollars collected to help offset the costs are also posted to the camp fund. I want to keep the current camp fund as a way to track fundraising dollars only and set up a separate fund to track and hold deposits/payments for the kids attending camp.

I would like to set up this new fund in the Contributions module so we can track who has payed their deposit and payments. My question is how to actually do this. After reading through numerous posts & the software manual, I am a bit confused. I am certainly not an accountant and a lot of this is over my head. I am guessing that I need to set up the new camp Accounting Fund as a liability account. So when deposits/payments are made, the bank account gets gets debit and the new pass thru account gets credited and then the opposite for when the check is cut to the camp.

So, I need to set up another Liability account in our Chart of Accounts? This is where I am completely in the dark. Also, this new account needs to close to something other than the general fund. We are currently collecting deposits for camp but the camp will not be held until next year. So when the year end is done, we don't want any money in this fund to be absorbed into the general fund. I looked at our current camp fund and saw that it closes to a separate equity account with the camp's name on it. Could this new fund also close to the same equity account?

Can you tell that I am in way over my head on this one? Any advice appreciated. I already have 2 checks for deposits and would like to get this new accounting fund set up correctly before I start posting these payments. Thanks.

P.S. Now that I think about it, I am guessing that even though the new account is technically a liability pass-thru, I have to set it up as an Income account if I want it to close to an equity account?

[Matt]

From what I can gather from your post you currently have a contribution fund set up for the camp fund for fundraising dollars only, not for deposits and payments. You also have an income and equity account set up for the camp fund. You don't mention it but I assume that you also either have an expense account set up for the camp fund or are using a restricted release account to release the funds when the money is spent. I assume that the close to account on the income, restricted release, and/or expense accounts are all set to close into the same equity account.

You will need to set up this same structure using a different contribution fund number, different income, different restricted release, different expense, and different equity account to set up a separate fund to track the deposits and payments. This cannot be set up using a pass thru account because you state that you don't want the money to be absorbed into the General Fund balance.

Also, when you set up this new contribution fund in the Contributions module it should be set up with a contribution fund number that is outside the number range that is used to print the contribution statements so that you can exclude the deposits and payments for the camp from the contribution statements.

[NeilZ]

Also, when you set up this new contribution fund in the Contributions module it should be set up with a contribution fund number that is outside the number range that is used to print the contribution statements so that you can exclude the deposits and payments for the camp from the contribution statements.

Just a quick note:

What Matt suggested is valid for PCPlus versions prior to version 11.x. In v11.1/11.55 they've added a checkbox on the Contribution Fund setup to Include fund on statements. When that is unchecked the fund will NOT appear on a Contribution/Giving Statement that can be used as a source document for charitable deductions.