Transfers within the same fund

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

Moderators: Moderators, Tech Support

Locked
Henderson Metro Church
Posts: 12
Joined: Tue Jul 26, 2022 12:47 pm

Transfers within the same fund

Post by Henderson Metro Church »

We are in the process of updating and revising our financials from version 10 to version 14. We have many sub accounts that I am trying to make sure the balance is correct. I have used the accounting setup and it combined all our checking and savings into one fund. Previously we had it all set up into individual funds. How can I get the balances to show correctly?
Example:
Kid's Ministry 01-4124-00 shows no balance but we have the funds in the project account which is an asset 01-1210-00. How do I show that balance in the Kid's Ministry account without it showing in the reconciling report under deposits?

We have many other of these that we want to make sure the moneys are allocated to the correct ministry, but be able to balance as well.
Thanks in advance for any help!

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Transfers within the same fund

Post by NeilZ »

Henderson Metro Church wrote:
Thu Mar 16, 2023 6:57 pm
We are in the process of updating and revising our financials from version 10 to version 14. We have many sub accounts that I am trying to make sure the balance is correct. I have used the accounting setup and it combined all our checking and savings into one fund. Previously we had it all set up into individual funds. How can I get the balances to show correctly?
Example:
Kid's Ministry 01-4124-00 shows no balance but we have the funds in the project account which is an asset 01-1210-00. How do I show that balance in the Kid's Ministry account without it showing in the reconciling report under deposits?

We have many other of these that we want to make sure the moneys are allocated to the correct ministry, but be able to balance as well.
Thanks in advance for any help!
Did you follow the direction when using the setup? It will ask you for the different asset accounts you want to setup. If you can, I'd restart accounting and start from the beginning.

Also remember, 01-4124 shows that this is an income account, what fund balance account does it close to did you set one up for that? 01-1210 is apparently a separate checking or savings account, is that right?? Again, this is something that the setup module asks when you're setting it up.
Neil Zampella

Using PC+ since 1999.

Henderson Metro Church
Posts: 12
Joined: Tue Jul 26, 2022 12:47 pm

Re: Transfers within the same fund

Post by Henderson Metro Church »

Yes. I did go by the set up. We have 3 different checking accounts, a savings account and a CD. We have them all listed as separate assets. The 4124 shows it closing to the main checking account 1110. We had it set up before under version 10 with each individual account as a different fund. I am trying to consolidate it into one fund. the only issue I am having is there are a lot of transfers every month between each account. For instance we move money from account 1210 (savings-this is a "holding" place for all our ministries) to 1110 (general) about twice a month for multiple reasons like we spent money from our kids ministry from the general account 1110 so we need to take it from the savings/holding fund to remove it from the ministry. I believe we have it set up wrong in version 10 so I started from scratch with version 14 and am running it in tandem with our bookkeeper who is still running version10.

Does any of this make sense? :wall:

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Transfers within the same fund

Post by NeilZ »

Henderson Metro Church wrote:
Fri Mar 17, 2023 11:10 am
Yes. I did go by the set up. We have 3 different checking accounts, a savings account and a CD. We have them all listed as separate assets. The 4124 shows it closing to the main checking account 1110. We had it set up before under version 10 with each individual account as a different fund. I am trying to consolidate it into one fund. the only issue I am having is there are a lot of transfers every month between each account. For instance we move money from account 1210 (savings-this is a "holding" place for all our ministries) to 1110 (general) about twice a month for multiple reasons like we spent money from our kids ministry from the general account 1110 so we need to take it from the savings/holding fund to remove it from the ministry. I believe we have it set up wrong in version 10 so I started from scratch with version 14 and am running it in tandem with our bookkeeper who is still running version10.

Does any of this make sense? :wall:
Three asset accounts does tend to make your life difficult. What I would have done is get everything down to one checking account, with the main operating fund using the standard 01-3110-000 unrestricted net assets fund account, and two separate Temp Restricted accounts, one to be the 'hold' account, and one for the Kids Ministry. Then all you would have had to do is enter one transaction in Accounts Payable to purchase whatever it needed using the standard 01-1110-000 checking account, but click on the Release restricted funds to move those funds from the 'holding' fund to pay for the items.

Then there would be no need for the extra checking accounts, and the runaround you would need to do to move funds via the bank from one account to the other, and the system would keep track of what was available in each fund for use.

All in all a much easier way to do things. The system maintains the separation between in net assets (fund balance) account, while the total of all are sitting in checking. This also gives your governing board a better idea on where your funds are sitting by using the Cash Management Report, and then the I&E would show what income went to each fund, and what was released from each fund.
Neil Zampella

Using PC+ since 1999.

Henderson Metro Church
Posts: 12
Joined: Tue Jul 26, 2022 12:47 pm

Re: Transfers within the same fund

Post by Henderson Metro Church »

Ok thank you

Locked