Un-cleared transactions
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trumpetman
- Posts: 11
- Joined: Mon Oct 27, 2003 3:40 pm
- Location: Life Community Church
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Un-cleared transactions
I am beginning fund accounting for the 1st time...and I need to enter my un-cleared cks and deposits. How do I do this ?
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Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
I had this situation when we first started Powerchurch. Here's what I did.
I did not attempt to load in the uncleared checks and deposits. Instead, when I did my initial GL balance loads I did a journal voucher that debited the checking account and credited the fund balance account (the 3001 account) for the balance that was in my checkbook at the time of conversion. Then I started recording checks and deposits in Powerchurch from that point forth.
When the first bank statement came in after conversion most of the checks and deposits on it were prior to the point I converted. I checked each one of these to the pre conversion records. Only if there was a difference did I make an adjustment in Powerchurch. For the post conversion items I marked the items with a "Y" in Maintain Check Register. I did not try to run the bank reconciliation in Powerchurch the first month since there were still a few pre-conversion uncleared items outstanding.
When the second bank statement came in the remainder of the pre-conversion uncleared items were on it. I checked these to the preconversion records like I did the first month. For the remainder I marked the items with a "Y" in Maintain Check Register.
Since all my pre-conversion uncleared checks and deposits cleared by the second bank statement, once I marked all the post conversion items with a "Y" the bank reconciliation balanced.
So, this may be a couple month transition process for you, as it was for me, depending on how long it takes for all of your pre-conversion uncleared items to clear after you convert.
I did not attempt to load in the uncleared checks and deposits. Instead, when I did my initial GL balance loads I did a journal voucher that debited the checking account and credited the fund balance account (the 3001 account) for the balance that was in my checkbook at the time of conversion. Then I started recording checks and deposits in Powerchurch from that point forth.
When the first bank statement came in after conversion most of the checks and deposits on it were prior to the point I converted. I checked each one of these to the pre conversion records. Only if there was a difference did I make an adjustment in Powerchurch. For the post conversion items I marked the items with a "Y" in Maintain Check Register. I did not try to run the bank reconciliation in Powerchurch the first month since there were still a few pre-conversion uncleared items outstanding.
When the second bank statement came in the remainder of the pre-conversion uncleared items were on it. I checked these to the preconversion records like I did the first month. For the remainder I marked the items with a "Y" in Maintain Check Register.
Since all my pre-conversion uncleared checks and deposits cleared by the second bank statement, once I marked all the post conversion items with a "Y" the bank reconciliation balanced.
So, this may be a couple month transition process for you, as it was for me, depending on how long it takes for all of your pre-conversion uncleared items to clear after you convert.