Additional Checking/Savings Accounts

[Turning Point]

Our church has opened a new checking and savings accounts with a new bank. How do I set this up since we also still have accounts at the old bank? We will eventually close the old accounts but for now we have accounts at 2 different banks.

Thanks.

Lisa

[NeilZ]

Our church has opened a new checking and savings accounts with a new bank. How do I set this up since we also still have accounts at the old bank? We will eventually close the old accounts but for now we have accounts at 2 different banks.

Thanks.

Lisa

You will have to add the new accounts as new assets. If your current checking account is listed as 01-1110-000, the new one should be 01-1120-000. This also means that you'll need to make sure that when you write checks that you use the new account. The reconciliation process is the same, exactly you would choose the new account number.

Same with savings, if the current one is 01-1210-000, the new one can be 01-1220-000.

This thread may help: viewtopic.php?f=3&t=12462&p=40100&hilit ... set#p40100

[Turning Point]

Thank you for your help. We are now ready to close our old bank account and transfer the majority of the money to the new bank.

My question is how do I document this in Powerchurch? I have it in my head that I need to transfer the amount in each fund to the general fund, write a check to the new bank and then re-enter the amounts into their respective funds. But I also keep telling myself, that can't be right.

Is there a simple way to do this to show the money in the new bank without having to perform multiple transfers?

Lisa

[NeilZ]

Thank you for your help. We are now ready to close our old bank account and transfer the majority of the money to the new bank.

My question is how do I document this in Powerchurch? I have it in my head that I need to transfer the amount in each fund to the general fund, write a check to the new bank and then re-enter the amounts into their respective funds. But I also keep telling myself, that can't be right.

Is there a simple way to do this to show the money in the new bank without having to perform multiple transfers?

Lisa

You shouldn't have to transfer anything around in the funds. Just do a simple debit/credit transaction to move from the old account to the new account. The system will keep track of the funds.

01-1110-000 Old Account CREDIT $10000.00
01-1120-000 New Account DEBIT $10000.00

That's it.

The best way to be sure is do it in this way:

1. Do a Powerchurch backup using the Backup Utility and select Accounting Files from the list of file groups displayed. You want to do this in case you have to revert back to the old setup.
2. Run a Balance Sheet report to show where the funds are.
3. In Fund Accounting, enter the transaction as mentioned above.
4. Post that transaction to Funds Accounting
5. Run a Balance Sheet report to verify everything is where it should be, and the funds no longer are seen in the original account

If there is an issue, do a restore from the backup you performed in step 1.

Let us know how it goes.