Bank balance adjustment

[willsell]

Our Treasurer opened a new bank account and transferred funds from the general bank account to this new bank account.
A decision was made to not have this new bank account , so money was transferred back to the general account from the new account.
Problem:
The new bank account was never setup in the chart of accounts.
When we get the bank statements we will see a transfer from general account to bank X.
how can we show this transaction in PowerChurch?
How do we reconcile this?

[NeilZ]

Our Treasurer opened a new bank account and transferred funds from the general bank account to this new bank account.
A decision was made to not have this new bank account , so money was transferred back to the general account from the new account.
Problem:
The new bank account was never setup in the chart of accounts.
When we get the bank statements we will see a transfer from general account to bank X.
how can we show this transaction in PowerChurch?
How do we reconcile this?

Was anything entered into Powerchurch to show the transfer?

This should have been done and the new account opened. Since it was not done, there is another issue which your church board has to confront, why was it not done!!

That said, you will need to show the transfer out one way or another. The easiest way is to create an asset account in the general fund, enter a transaction to move the funds using the original date of transfer, then post.

Then I would enter another transaction moving the funds from the new asset account, back to the main checking account using the date the funds were transferred back. If you do not intend to use this new account at all, I would then mark this new account INACTIVE in the Chart of Accounts.

If both transfers were done in the same month the bank statement should show both transactions depending on the dates the statement covers. If not, then you will see one subtraction for the transfer out in the one month, and the next month you should see an addition showing the transfer back.