changing fund accounts catagories

[Pittsburgh Mennonite]

Just new to PowerChurch this month.... In setting up fund accounts we created equity accounts with fund balances. Is it possible to change these equity accounts to an asset category? If so, how??

Thanks!

[NeilZ]

Just new to PowerChurch this month.... In setting up fund accounts we created equity accounts with fund balances. Is it possible to change these equity accounts to an asset category? If so, how??

Thanks!

OK .. I'm going to assume you did a manual setup, and you created Fund Balance accounts which can also be called equity or net asset accounts.

Can you now change these to Asset accounts? Not really because the Fund Balance account uses the basic accounting principle that Assets - Liabilities = Equity/Fund Balance/Net Assets

That said, once you create any account as a certain category type, you cannot change it. This is basically to keep people from making a mistake.

The only way to fix this is to create a transaction to clear the accounts and move the funds listed to a new asset account. However, there are some fund balance/net asset/equity accounts that the system creates automatically, usually the xx-3110-000 account. You should not normally need to do anything with that, as the system maintains that itself.