how do i set up info in the package? we have weekly income sheets that need to go into the accounting package. the source of income includes such things as tithes, offerings, buidling fund etc. should i do journal entries debiting cash and credit the specific income account?
2nd question - i just starting doing this and have income sheets from the beginning of the year. how do i change the current month to prior month?
setting up funds for the first time
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syrolling
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- Location: Mt. Pleasant Missionary Baptist Church
setting up funds for the first time
syrolling
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Zaphod
- Program Development
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- Joined: Tue Sep 02, 2003 12:48 pm
- Location: PowerChurch Software
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There is a sample chart of accounts included when you install PowerChurch, so that should get you started. If you need to add, edit, or delete accounts, it would be a good idea to do so prior to any entries.
If you want to start your fiscal year at the beginning of January (most folks do), you can enter all your year start balances for assets and liabilities (income and expense always start the year at zero). Then, you can calculate your fund balance using the following equasion: total assets - total liabilites = fund balance. This would be done for each fund you want to use. Then you can start entering transactions starting at the beginning of the year, closing months as you go.
If you want to start your accounting mid-year, you would want to establish balances in all your accounts using journal entries the way you've described in your post. You'd need to close the months prior to the month in which you start.
If you need further information, you might want to consult an accountant.
If you want to start your fiscal year at the beginning of January (most folks do), you can enter all your year start balances for assets and liabilities (income and expense always start the year at zero). Then, you can calculate your fund balance using the following equasion: total assets - total liabilites = fund balance. This would be done for each fund you want to use. Then you can start entering transactions starting at the beginning of the year, closing months as you go.
If you want to start your accounting mid-year, you would want to establish balances in all your accounts using journal entries the way you've described in your post. You'd need to close the months prior to the month in which you start.
If you need further information, you might want to consult an accountant.