sdw wrote:1. The ending fiscal year balance from the church's previous accounting system is different from the bank statements. The cause of the differences can not be identified. Should I use the bank statements beginning balances to start Power Church?
2. The church has 3 checking accounts and 1 money market account. Should I set up a different fund in Power Church for each checking account?
Thanks
sdw
1. I would make sure that the last bank statement is properly reconciled. Verify all deposits, cleared checks, etc. Make sure that the bank agrees with what your checkbook says.
Then use the bank statements as your opening balance. I would also put a memo in your records, signed off by your board or audit committee giving the reason you used the bank statement balance, rather than the accounting system.
2. You really don't need to have separate funds for each checking account, unless they are used for specific areas, IE:
Checking account for Operations - Fund 01
Checking account for Missions - Fund MS
Checking account for Building - Fund BD
The Money Market account, if its only used for operations you can put that under the operations fund.
Frankly, when using powerchurch, there really isn't a reason to have three separate checking accounts. The system can maintain each fund balance while using only one checking account. You should consider that as you setup the system.
