New Fund Setup

[Augustus]

I purchased PWRCH12 and still haven't set up. Just trying design this before working with the setup wizard. We are small church with one checking account but have varies ministries (e.g. Youth, Women, etc) with their own funds which people can support directly. In my former accounting system (quicken home & business), everything would be done through the current fund. I would log in the payment and then would do a transfer from the corresponding account. The transfers would not be a part of the P and L statement. As long as I remember to do the transfer everything is great. In PWRCH12, I was planning to set up different funds (e.g. current, youth, women, Hispanic) and make journal entries against these funds thus not needing to those transfer and simplify my life. My question is... Is there a report where I can consolidate all those funds into one Profit & Loss statement. I hope I am making sense. Thanks.

[NeilZ]

I purchased PWRCH12 and still haven't set up. Just trying design this before working with the setup wizard. We are small church with one checking account but have varies ministries (e.g. Youth, Women, etc) with their own funds which people can support directly. In my former accounting system (quicken home & business), everything would be done through the current fund. I would log in the payment and then would do a transfer from the corresponding account. The transfers would not be a part of the P and L statement. As long as I remember to do the transfer everything is great. In PWRCH12, I was planning to set up different funds (e.g. current, youth, women, Hispanic) and make journal entries against these funds thus not needing to those transfer and simplify my life. My question is... Is there a report where I can consolidate all those funds into one Profit & Loss statement. I hope I am making sense. Thanks.

If you're creating different ACCOUNTING FUNDs for each ministry so that Contributions are segregated from the normal operations account, there is no need to 'transfer' funds from one account to the other.

You can have the same checking account in each accounting fund, and write checks from the checking account for all funds.

All the funds would use the 1110-000 (default checking account number) with the fund prefix and their associated expense accounts, the system would keep everything separate. In the Contribution Module, you'd have the Youth Contribution Fund setup to DEBIT the checking account in the youth fund, and CREDIT the Youth Income account.

So if the operating fund was 01, Youth was 02, Woman is 03, you would be writing checks in the Accounts Payable to pay for a youth trip like this:

02-1110-000 Checking CR 100.00
02-5400-000 Trip Expense DB 100.00

The system will properly update the system and you can keep all the funds separate. You can then run a combined Income and Expense report (no profit or loss for non-profits) that will show all the income and expenses across all the funds. You can also create individual Income and Expense reports for each ministry head to monitor their funds.

Does this help?