I'd like to get an idea of how many Power Church accounting funds church's have with this poll. Our members keep wanting to donate money to specific things instead of to the church in general. It seems like we have a lot with 34 funds and needing more, but maybe that is normal. This poll will tell.
Thanks!
51 and above added by Zeb
Last edited by Ronz on Thu May 06, 2004 12:31 pm, edited 1 time in total.
Ron Zastovnik
Memorial United Methodist, Clovis, CA
At the risk of muddying the waters, fund numbers are alphanumeric which means that in addition to 01, 02, 03, you could use A1, R7, 3Q, BX, etc. That makes the theoretical limit to the number of funds much greater.
I would recommend that you set up sub accounts for your designations instead of funds. 34 funds and growing is way too many. Having this many funds creates a lot of extra work for you and uses a lot of paper to print everything out.
I would recommend that you set up sub accounts for your designations instead of funds. 34 funds and growing is way too many. Having this many funds creates a lot of extra work for you and uses a lot of paper to print everything out.
Matt
Yup. Each of our funds has sets of subaccounts. For example, we have one fund called Programs, and about 10 sets of sub-accounts. This makes our chart of accounts a lot nicer to work with.
camd.
Jeff wrote:The new multiple equity accounts feature in version 9 should also make it possible to reduce the total number of funds that you might need.
Can you elaborate? I'd like to know more...
For our organization (parachurch), we need to track each program we run as a seperate operation. Each program has it's own income, expense, and balance sheet account. These three accounts for each program have the same sub-account number, and a seperate contribution fund so that all income and expenses can be tracked according to a specific program area.
There are several new features in verison 9 designed to help with handling donor restrictions. We are working on a document right now that will explain this more completly.
If you need to provide separate reporting, (ie a balance sheet and income statement) you will still need different funds. If you don't need separate reporting you will be able to keep track of the donor restricted amounts without using separate funds or creating sub-accounts on asset accounts for each area.
Where multiple equity accounts will be especially useful is for donor restricted giving. For example, people donating money to buy new cribs for the nursery. In the past many people were setting that one area up as a totally separate fund to track the amounts. With multiple equity accounts, you could have one donor restricted fund and keep track of each donor restriction within that fund without having to setup sub-accounts on the checking account.
