Designated Funds Payments 7000
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NancySager
- Posts: 7
- Joined: Thu Sep 25, 2003 8:02 pm
- Location: Evangel Pentecostal Church
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Designated Funds Payments 7000
Using the demo chart of accounts, what is the difference between the missions expenses and the designated funds payments? For example - if I have an Alpha Fund, what would be a mission expense and what would be a fund payment? Many of our budgeted funds involve local ministries where the funds are used for purchasing supplies, gifts etc. or paying for a local speaker. Would these be a mission expense and if so would we ever have a fund payment in these funds? Or are fund payments more specifically for world ministries that we donate to?
May the Lord bless you, and keep you
May the Lord make his face shine upon you,
and be gracious to you
May the Lord lift up his countenance upon you,
and give you peace,
May the Lord make his face shine upon you,
and be gracious to you
May the Lord lift up his countenance upon you,
and give you peace,
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Zada
- Tech Support
- Posts: 27
- Joined: Tue Sep 02, 2003 1:09 pm
- Location: PowerChurch Software
- Contact:
Designated fund payments
Nancy,
Please keep in mind that I'm just a tech not an accountant but I will try to answer your question. You are right, I think mission expenses would be for specific needs of local ministries. And the designated fund payments would be for things like donating money to a certain mission for any general purpose. But this is just an example for you to use. Remember you can setup your chart of accounts anyway you like.
You know what? This would be a great question for one of the Authorized Teaching Consultants that have joined the forum!
Zada
Please keep in mind that I'm just a tech not an accountant but I will try to answer your question. You are right, I think mission expenses would be for specific needs of local ministries. And the designated fund payments would be for things like donating money to a certain mission for any general purpose. But this is just an example for you to use. Remember you can setup your chart of accounts anyway you like.
You know what? This would be a great question for one of the Authorized Teaching Consultants that have joined the forum!
Zada