Credit Fund Account

Lily · Post by **Lily** » Wed Apr 16, 2008 8:28 pm

Hello out there!
Version 9.... I had deposited funds from one Assest account to the other:
1130 - Credit
1120 - Debit (Main Account)

I want to transfer fund from 1120
into 4150 - Fund account which would credit (increase).

As simply as it may seem I just can not see how to post it until it is shown in example. When the answer is given I would be so greatful for your reply.

lily in the middle of the Pacific (Hawaii)

NeilZ · Post by **NeilZ** » Wed Apr 16, 2008 9:14 pm

Lily wrote: Hello out there!
Version 9.... I had deposited funds from one Assest account to the other:
1130 - Credit
1120 - Debit (Main Account)

I want to transfer fund from 1120
into 4150 - Fund account which would credit (increase).

As simply as it may seem I just can not see how to post it until it is shown in example. When the answer is given I would be so greatful for your reply.

lily in the middle of the Pacific (Hawaii)

Lily are these two separate funds ?? As in, Fund 1 - contributions, Fund 2 - Building Fund?? Or are they two accounts under the same fund ??

Lily · Post by **Lily** » Fri Apr 18, 2008 12:52 am

Hi Neil,

1120 Asset account (Main Account)
1450 Fund account (Praise & Worship)

To move the fund from 1120 I would credit, but 1450 is an Income Fund Account and I should credit to increase and not debit. Where am I missing it?

Lily

Post by **Zorak** » Fri Apr 18, 2008 9:23 am

The accounting fund is designated by the first two digits of the account number. Do both of your asset account numbers start with 01?

Lily · Post by **Lily** » Fri Apr 18, 2008 5:18 pm

HI,

Yes. We have one main checking account all funds are funnel through and four other checking accounts listed as follows:
01-1120 through 01-1160.

Lily

Lily · Post by **Lily** » Wed Apr 23, 2008 7:34 pm

Zorak,

Can I hear from you more regarding the account numbers? Should the first two numbers of each Asset account be listed from 01 thru 06? How would that balance what I have explained prior?

Fund from Assest acct 01-1130 was posted into 01-1120 Asset account which debit the account. I need to take fund from 01-1120 Asset account and post it to 01-4150 Praise & Worship Income account.

01-1130 - Credit
01-1120 - Debit
01-1120 - Credit
01-4150 -

This mean's hmmmmmm like I don't get it. Need your help. I've reviewed the manual and nothing about the first two numbers should be different. Also read page 187 and I understand there are different accounts of funds that are designated for specific uses such as Income : Contributions we have a list of 30 accounts from Tithe to Pastor's Appreciation. Do I need to restructure my Chart of Accounts?

Lily (waiting to hear from you)

NeilZ · Post by **NeilZ** » Wed Apr 23, 2008 11:21 pm

Lily,

just a quick aside to say that Contribution Funds do not have anything to do with Funds Accounting funds, other than the link setup to post the income from contributions.

There needs not be any 'one for one' relationship here.

Post by **Zorak** » Thu Apr 24, 2008 10:02 am

It is as Neil stated. The "Contribution Fund" numbers are not related in any way to "Accounting Fund" numbers.

The way that Contribution Funds "connect" to Fund Accounting is using the debit and credit accounts that are assigned to each Contribution Fund (Contributions > Maintain List of Contribution Funds). It is true, to make a properly balanced transaction, that the debit and credit accounts that are assigned to each Contribution Fund should be in the same Accounting Fund (the first two digits of the accounts should be the same) as in the following examples:

Contribution Fund No. "500"
Debit (bank) account "01-1110-000"
Credit (income) account "01-4210-000"

Contribution Fund No. "7924"
Debit (bank) account "12-1110-000"
Credit (income) account "12-4750-000"

Notice the Contribution Funds are in no way related to the Accounting Funds of each of the accounts assigned, but the accounts are always in the same Accounting Fund.

I apologize if explaining it too thoroughly has once again confused the issue

Lily · Post by **Lily** » Thu Apr 24, 2008 3:59 pm

Thanks Neil & Zorak for the

and information,

I actually understand what you had explained and appreciate every detail given. I just do not know where to begin of how to setup my Chart of Accounts because isn't it where I really need to fix up

Lily

NeilZ · Post by **NeilZ** » Thu Apr 24, 2008 4:55 pm

Lily ...

FWIW ... when we first setup our COA at the last church I was at, we had someone with accounting background help to set it up.

Depending on the complexity of the COA, you may need some advice on how to correct any issues with the COA. We were lucky having a CPA in the congregation, you may want to check to see if anyone qualifies in your congregation.

Lily · Post by **Lily** » Thu Apr 24, 2008 5:29 pm

Neil,

Right now there is none and the Pastor is working on finding someone. In the meantime I will persevere and keep trying in hopes to get the COA the way it should be. Thank you so much, Aloha!

Lily

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