Blessed_miracle67 wrote:Since we restarted FA accounting and are entering our deposits and ebills manually, are we suppose to CR unrestricted assets for the bank deposits? I saw unrestricted assets and a category was also created called Bank deposit in the chart of accounts.
1. If you are entering Deposits using the standard DB of your checking account (usually xx-1110-000) and CR your income accounts. You need not have to do anything with the assets as your income account usually closes to the unrestricted net assets, and the system will update the same.
2. If you're paying out thru Funds Accounting and DB the expense account, and CR the checking account, the same applies. Your expense accounts usually close to the unrestricted net assets unless that was manually changed during the creation of the account.
I'm not really sure what that Bank Deposit account is, as I'm not sure that's a default account created by Powerchurch.
FWIW ... I would not enter your ebills directly into Funds Accounting, but through Accounts Payable by writing manual checks. This way you can track your vendor, keep all that information in one place, and maintain a payment record.
Again, when you would post from AP or Payroll, the system will create the transactions using the checking and expense accounts you have assigned in those modules to the vendor or pay items. There would be no need to do anything to the unrestricted asset account.
