Happy and Blessed Easter!
I am using version 11.55.
Our parish is in Canada, and we have many parishoners who attend from Michigan regularly. Every week we have not only Canadian but also US Dollar contributions. In the past, the US money was exchanged and the gain and original offering was deposited into our CND account. Since the exchange rate is not in our favour at the moment(we LOSE when we have to cash CND for US money) we opened a US dollar account at the bank. Its working great, we are losing much less money through the exchange rate.
For more clarity though, I think I should have created a Fund 2(to represent the US dollar account). Am I correct, and if so, is it too late to impliment this?
Also, any advise is much appreciated.
Charlotte
Dealing with multiple currencies
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Re: Dealing with multiple currencies
It depends ... are you going to keep the money in the account until the exchange rate gets better? If so, there's no need to keep a separate fund, just make sure you have the separate bank account listed as one of the assets and put all US contributions in that account when you do contributions. I'd also create a separate Contribution Fund for those tithes and offerings so they go to that holding account.CharlieParent wrote:Happy and Blessed Easter!
I am using version 11.55.
Our parish is in Canada, and we have many parishoners who attend from Michigan regularly. Every week we have not only Canadian but also US Dollar contributions. In the past, the US money was exchanged and the gain and original offering was deposited into our CND account. Since the exchange rate is not in our favour at the moment(we LOSE when we have to cash CND for US money) we opened a US dollar account at the bank. Its working great, we are losing much less money through the exchange rate.
For more clarity though, I think I should have created a Fund 2(to represent the US dollar account). Am I correct, and if so, is it too late to impliment this?
Also, any advise is much appreciated.
Charlotte
That said, I'd definitely check with an accountant to be sure of what you're doing, let him know that you are using a cash basis system.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
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CharlieParent
- Posts: 5
- Joined: Fri Jan 15, 2016 11:14 am
Re: Dealing with multiple currencies
Thank you for the reply, Neil!
We do use the US account, because we have US venders who require US payment. The way I have it set up now, to do for instance, a bank reconciliation, is to add these two account balanced (on paper) and then reconcile in PowerChurch. I have always balanced, no problem. My desire is to set up the system in such a way that if someone else has to take over my position as secretary, it will be crystal clear.
I will take your advise and check with an accountant, do be sure.
As a post script, I have to say I really love PowerChurch. It is so user friendly, and has made our bookkeeping much more accurate and concise.
I highly recommend it to those who ask.
We do use the US account, because we have US venders who require US payment. The way I have it set up now, to do for instance, a bank reconciliation, is to add these two account balanced (on paper) and then reconcile in PowerChurch. I have always balanced, no problem. My desire is to set up the system in such a way that if someone else has to take over my position as secretary, it will be crystal clear.
I will take your advise and check with an accountant, do be sure.
As a post script, I have to say I really love PowerChurch. It is so user friendly, and has made our bookkeeping much more accurate and concise.
I highly recommend it to those who ask.