Savings account reconciliation

[StPaulUCC2]

In January of 2022 we started a new savings account. When it was setup in PowerChurch the beginning balance was not entered. Recently we were trying to reconcile it (a little late) but since we didn't enter a beginning balance we don't know how to make it balance. Is there any way for us to go back and enter the January 1, 2022 balance now? Or is there a different way to straighten it out? Thanks!

[Zorak]

You can enter a transaction in Accounting > Fund Accounting > Enter Transactions to add the balance. Use the date of January 1, 2022 and posting month of January 2022. The transaction to add $500 to the balance of the savings would look something like the following:

01-1210-000 Savings (Debit) $500
01-3110-000 Unrestricted Equity (Credit) $500

If you have already closed the month of January 2022, in Versions 12 and higher of PowerChurch Plus, you can reopen that month, to allow the posting. To do this, go to Accounting > Fund Accounting > Setup > Reopen a Month. Choose to reopen January 2022.

[StPaulUCC2]

Thanks for your reply. I do have another question. I do not have 01-3110-000 Unrestricted Equity. I have 01-3110-000 Unrestricted Net Assets and it is used in Fund 01 General Fund. Do I need to add another Accounting Fund for the Savings Account? I'm confused about how to set this up. Please pardon my ignorance. I started new with PowerChurch Plus 14 in January of 2022 and I know enough to be dangerous...LOL.

[NeilZ]

Thanks for your reply. I do have another question. I do not have 01-3110-000 Unrestricted Equity. I have 01-3110-000 Unrestricted Net Assets and it is used in Fund 01 General Fund. Do I need to add another Accounting Fund for the Savings Account? I'm confused about how to set this up. Please pardon my ignorance. I started new with PowerChurch Plus 14 in January of 2022 and I know enough to be dangerous...LOL.

FWIW ... the terms Unrestricted Net Assets and Unrestricted Equity mean the same. The preferred term used in Powerchurch is Net Assets as equity is more a 'for profit' company term.

Please see the chapter on Accounting in the Powerchurch Users Guide (manual) starting on page 183, which gives you a good overview of how non-profit (FUND) accounting is implemented in Powerchurch.

As far as a new Savings Account ... no need to create a new 'accounting fund' just a new asset account in the operations fund if the savings account can be used for normal operations, that is, you can access that savings if needed to cover normal operational costs.

Does this help?

[StPaulUCC2]

Yes, this definitely helped. Thanks!