User Support Forum

Traditionally, our Ministry Account monies have been received and administered by the individual ministries (each of the Stewardess Boards, Choirs, etc.). We also have other ministry accounts (Building Fund, Benevolence, etc.) for which monies have always been received, recorded, and administered by the church Treasurer. During the past year, each of the accounts has been consolidated into a single Ministry Account that I have set up as a separate Savings Account under the General Fund 01; the individual ministries are listed as detail accounts so their transactions can still be recorded and reported.
Ministry Asset Group Account - 1210,
Ministry Asset Sub Accounts (level 5) 1210-016, 1210-017, 1210-018 for example.

Income Sub Accounts (level 5) are for restricted funds listed as follows:
01-4201-016, 01-4201-017, 01-4201-018

I need to know how to enter initial balances for the asset accounts without showing them as income. Some of the transfers occurred before the beginning of our accounting year, so I entered them during the accounting setup. But we have received checks throughout several months as the other accounts were closed and the funds transferred to the church account.

Thanks in advance!

Beginning balances for your assets involve debiting the asset account, and crediting unrestricted net assets (usually 01-3110-000).

For example:
DB 01-1210-016 $beginning balance
CR 01-3110-000 $beginning balance

DB 01-1210-017 $beginning balance
CR 01-3110-000 $beginning balance

etc.

I understand the above, however, does anyone know how I would post outstanding checks in these new beginning balances? Am not an accountant and had to bypass the initial startup accounting wizard since I did not want to re-enter the entire chart of accounts. Can't seem to think this one through.Thanks out there in cyberspace!

stempleton wrote:I understand the above, however, does anyone know how I would post outstanding checks in these new beginning balances? Am not an accountant and had to bypass the initial startup accounting wizard since I did not want to re-enter the entire chart of accounts. Can't seem to think this one through.Thanks out there in cyberspace!

See my answer in the other topic you posted in.