Setting up with multiple funds/accounts

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

Setting up with multiple funds/accounts

Post by Henderson Metro Church »

I am still struggling to get my PowerChurch 14 set up correctly. We currently have 3 checking accounts, 1 savings account & 1 CD. I thought we would be able to set up using 1 Accounting fund, but we do so many transfers between the accounts every month. I understand that it would be easier if we could close the extra accounts and use 1 checking account, however that is not an option at this time. Once I get the setup established I can't figure out how to make the many transfers work in the system. I tried to set up with Temporary restricted funds, but again it would not balance. Is there an easier way for me to get this working correctly?

I have tried to set up each account in an individual fund, but I can't get the beginning balance in that fund.

I'm thinking I might have to get someone here in person to look over what we have, but there is not someone in close proximity to us.

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Mon Apr 17, 2023 2:53 pm
I am still struggling to get my PowerChurch 14 set up correctly. We currently have 3 checking accounts, 1 savings account & 1 CD. I thought we would be able to set up using 1 Accounting fund, but we do so many transfers between the accounts every month. I understand that it would be easier if we could close the extra accounts and use 1 checking account, however that is not an option at this time. Once I get the setup established I can't figure out how to make the many transfers work in the system. I tried to set up with Temporary restricted funds, but again it would not balance. Is there an easier way for me to get this working correctly?

I have tried to set up each account in an individual fund, but I can't get the beginning balance in that fund.

I'm thinking I might have to get someone here in person to look over what we have, but there is not someone in close proximity to us.
A few questions ... are all of these checking accounts used for operations? Is the Savings account used as a 'holding' fund for funds accessible for use in operations? I'm going to assume the CD is just a static CD and the only thing there is occasional increases in value, right?
Neil Zampella

Using PC+ since 1999.

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

Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

Yes. All checking accounts are used for operations. We have a general checking (where we pay for all bills and most everything), a Missions checking account, and an online giving checking account. The savings is a "holding account" for all our ministries and extra monies. The CD is exactly as you described.

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Tue Apr 18, 2023 9:44 am
Yes. All checking accounts are used for operations. We have a general checking (where we pay for all bills and most everything), a Missions checking account, and an online giving checking account. The savings is a "holding account" for all our ministries and extra monies. The CD is exactly as you described.
In that case, I would just set them all up as regular assets, since all the checking accounts, and the savings are unrestricted net assets. Setup the CD as an Investment asset. It too would be unrestricted, but would only need to be adjusted when the interest reports comes in.

Then all you would have to do is a simple transaction to CREDIT and DEBIT the asset accounts as needed.
Neil Zampella

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

Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

How would we do the transfers from the accounts then? We have multiple transfers that we do every month and I can't seem to get them to work correctly.
Also, Do I set them up in different funds assets or under one fund?

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Tue Apr 18, 2023 6:54 pm
How would we do the transfers from the accounts then? We have multiple transfers that we do every month and I can't seem to get them to work correctly.
Also, Do I set them up in different funds assets or under one fund?
As I said, since they're all operations, just set them up as normal Bank assets, and the CD and an investment under one fund.

To transfer from one to the other you would do the following, entering transactions under Fund Accounting's Enter Transaction:

To move from checking account A to Main Checking:

01-1110-000 Main Checking DEBIT $100.00
01-1120-000 Checking B CREDIT $100.00

To move from Savings to Main Checking

01-1110-000 Main Checking DEBIT $100.00
01-1210-000 Savings CREDIT $100.00


To Increase the amount of a CD:

01-1310-000 CD Investment DEBIT $100.00
01-3110-000 Unrestricted Net Asset CREDIT $100.00

Does this help??
Neil Zampella

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Henderson Metro Church
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Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

It does but since one of them is a holding for our ministry how do I make that transfer work within the expenses for that account? Here's an example of a basic transfer tranaction:
We purchase something from Walmart for kids ministry out of our main checking account 01-1110-00, however, we have to move funds from the ministry (01-4202-000) that's in the savings account 01-1210-000(Holding account) to cover the purchase. How would that work?

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Wed Apr 19, 2023 9:18 am
It does but since one of them is a holding for our ministry how do I make that transfer work within the expenses for that account? Here's an example of a basic transfer tranaction:
We purchase something from Walmart for kids ministry out of our main checking account 01-1110-00, however, we have to move funds from the ministry (01-4202-000) that's in the savings account 01-1210-000(Holding account) to cover the purchase. How would that work?
It works the same as the transaction I listed ... they all work the same. That said, it sounds like the 'holding account' is more like a temp restricted fund? Is that correct ?? What is the holding account used for?
Neil Zampella

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Henderson Metro Church
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Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

Yes. It is the account that we keep the balance for our individual ministries and extra monies in. So the balance of each ministry is in there.

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Wed Apr 19, 2023 12:41 pm
Yes. It is the account that we keep the balance for our individual ministries and extra monies in. So the balance of each ministry is in there.
OK .. I don't understand. What do you mean by balance, and what do you mean by 'extra monies'?
Neil Zampella

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Henderson Metro Church
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Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

OK For example our "Holding account" has the money for each ministry in it like Kid's Min has $2896.91, Youth has $1400.00, then we have an overflow we put in there to accumulate interest which we call our overflow/building fund money of $75,000.00. The total comes to be about $97,000. All except for the overflow/building fund is specified to a specific ministry.

So if we write a check for kids ministry out of our main checking account for $100 we then transfer that $100 from our Savings(holding acct) back into our main checking account to remove from our Kids ministry balance.

I hope that makes sense.

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Wed Apr 19, 2023 1:04 pm
OK For example our "Holding account" has the money for each ministry in it like Kid's Min has $2896.91, Youth has $1400.00, then we have an overflow we put in there to accumulate interest which we call our overflow/building fund money of $75,000.00. The total comes to be about $97,000. All except for the overflow/building fund is specified to a specific ministry.

So if we write a check for kids ministry out of our main checking account for $100 we then transfer that $100 from our Savings(holding acct) back into our main checking account to remove from our Kids ministry balance.

I hope that makes sense.
FWIW ... if you're actually getting good interest from the bank on the savings, I can see that working. However, I'm assuming that you setup a yearly budget for each expense account, writing the check against the expense account adjusts the YTD spending and shows how much is being spent.

If you left the funds in the Savings for a year, and moved what you spent at the end of the year (or Jan 1st) after the annual interest is added to the account, I suspect you're make more income.

That said, if it works for you, and you understand what is going on .. that's really all that matters. :)
Neil Zampella

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

Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

I know what we're doing doesn't make sense to anyone else it's kind of crazy.

I am just trying to get everything into a the new system the correct way. Our bookkeeper was taught one way and kept on. so everything is kept track of on actual paper not in the system. the balances are correct but I can't seem to get the transfers to work out.

So if i physically transfer money from our savings account 1210-000 and transfer it to our Main checking account 1110-000. but it is allocated under the savings account under kid ministry 6370-001 How would that transfer need to look when I enter it?

I'm trying to not show it as an income in the main account.

NeilZ
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Re: Setting up with multiple funds/accounts

Post by NeilZ »

Henderson Metro Church wrote:
Wed Apr 19, 2023 4:08 pm
I know what we're doing doesn't make sense to anyone else it's kind of crazy.

I am just trying to get everything into a the new system the correct way. Our bookkeeper was taught one way and kept on. so everything is kept track of on actual paper not in the system. the balances are correct but I can't seem to get the transfers to work out.

So if i physically transfer money from our savings account 1210-000 and transfer it to our Main checking account 1110-000. but it is allocated under the savings account under kid ministry 6370-001 How would that transfer need to look when I enter it?

I'm trying to not show it as an income in the main account.
You won't ... income is only shown as income when you actually use the 4000 series income account. You have to let the old way GO AWAY.

Use the system as its designed, not try to force the system into the way you're doing it.

When you pay a bill, you use the Accounts Payable ... it is THERE you show where the funds are being spent FROM (expense account) and where the funds are coming from, usually the main checking account.

I'm going to suggest that you invest in the online tutorials offered by Powerchurch. They do cost some money, but once bought, you'll have access indefinitely. https://www.powerchurch.com/training/videos/

I would suggest the series that covers accounting. There are 5 sections covering Intro to Accounting, Fund Accounting, Accounts Payable, Accounts Receivable(only if you need it), and Payroll. There is another section that covers Contributions as that's a completely separate module from the accounting system.

These videos will show you the correct way to enter and track your funds.
Neil Zampella

Using PC+ since 1999.

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

Re: Setting up with multiple funds/accounts

Post by Henderson Metro Church »

Ok thank you!

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