User Support Forum

Hello, this is my first time to post. The church that I work with uses PowerChurch version 11 on a Windows 7 computer.

The church has had a Certificate of Deposit for several years, but has recently decided to include the balance on the Financial Statement each month. I assume that there was a balance in the CD before we began using PowerChurch.

Since the balance has come from transactions made over a period of years, and the CD itself has not been listed on the Financials, I need to set up the account and use the current CD balance from the bank as a "Beginning Balance".

We have been using PowerChurch since 2005, so we are long past the initial setup. Is there a way that I can add this account and create a beginning balance without having to do entries to arrive at the balance. If an entry is needed, what account would i credit in order to offset the debit to the CD account?

Thanks in advance for any assistance on this.

bwf24 wrote:Hello, this is my first time to post. The church that I work with uses PowerChurch version 11 on a Windows 7 computer.

The church has had a Certificate of Deposit for several years, but has recently decided to include the balance on the Financial Statement each month. I assume that there was a balance in the CD before we began using PowerChurch.

Since the balance has come from transactions made over a period of years, and the CD itself has not been listed on the Financials, I need to set up the account and use the current CD balance from the bank as a "Beginning Balance".

We have been using PowerChurch since 2005, so we are long past the initial setup. Is there a way that I can add this account and create a beginning balance without having to do entries to arrive at the balance. If an entry is needed, what account would i credit in order to offset the debit to the CD account?

Thanks in advance for any assistance on this.

You didn't say, but I'm going to assume that the CD is an unrestricted asset. That is, if necessary, it can be redeemed and used for normal expenses. You have to create a new asset account for this (1000 series account number) through the Maintain Chart of Account function. You can't create a starting balance without entering a transaction, an example of which follows:

DB 01-1310-000 Certificate of Deposit $1000
CR 01-3110-000 unrestricted net assets $1000

Hope this helps.