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Assigning fund numbers
Posted: Thu Dec 20, 2007 10:56 am
by Wayne Asplen
Ver 10, Windows XP; We have several church entities. General Church Budget, preschool and building fund. Is it wise to assign separate fund numbers to each. Such as General 01, Preschool 02 and Bldg Fund 03? Just getting started. Thanks for any help.
Wayne
Posted: Sat Dec 22, 2007 2:48 pm
by springmeadowfwc
Wayne:
It's almost six of one, half dozen of the other. We have one checking account (1110-000) but we have five (5) funds, 01, 02, 03, 04, and, 05 all operating out of the one ck'ing account. I prefer the five (5) funds (although it is more work when setting up your Chart of Accounts) but it is a lot easier for me when I am tracking income and expenses. I guess it all depends on how much you want to fine tune your accounting and your reports. For us, it is much easier to look at a printout (monthly income/expense report) for the individual funds rather than looking at one printout for all five (5) funds.
Bottom line: It's all a matter of preference.
Hope this helps.
Sirthomasb
springmeadowfwc
