Chart of Accounts and Multiple Checking Accounts
Posted: Fri Dec 30, 2005 9:59 pm
Hi all,
I'm a bit confused on how to proceede and need some input. First some background...
We have at our church a couple of checking accounts serving specific purposes. For example, we have a general checking account to do day-to-day operations, and we have a missions checking account dedicated to handling missions related operations.
I have created a chart of accounts in powerchurch with different accounting funds (i.e. 01 - General Fund and 02 - Missions Fund ). Both of these funds have an asset account 1110 Checking Account.
The first question: is this a good way of setting up the chart or account, or should I have 1110 General Checking Account and 1111 Missions Checking Account? In other words, should each checking account be listed seperately and then assigned only to their respective accounting funds?
The second question: If I run an Income and Expense report (this is the report that our congregation is used to seeing) on all of the accounting funds and the checking accounts are all tied to the 1110, will a sum of all of the income accounts be shown? (My guess is yes)
Any input you can provide would be greatly appreciated.
Thanks,
stavefan
I'm a bit confused on how to proceede and need some input. First some background...
We have at our church a couple of checking accounts serving specific purposes. For example, we have a general checking account to do day-to-day operations, and we have a missions checking account dedicated to handling missions related operations.
I have created a chart of accounts in powerchurch with different accounting funds (i.e. 01 - General Fund and 02 - Missions Fund ). Both of these funds have an asset account 1110 Checking Account.
The first question: is this a good way of setting up the chart or account, or should I have 1110 General Checking Account and 1111 Missions Checking Account? In other words, should each checking account be listed seperately and then assigned only to their respective accounting funds?
The second question: If I run an Income and Expense report (this is the report that our congregation is used to seeing) on all of the accounting funds and the checking accounts are all tied to the 1110, will a sum of all of the income accounts be shown? (My guess is yes)
Any input you can provide would be greatly appreciated.
Thanks,
stavefan