Making a Restricted Equity Account Unrestricted
Posted: Wed Oct 30, 2024 6:03 pm
I am coming in as Treasurer for a church with an existing PowerChurch set-up, and the Chart of Accounts/Balance Sheet needs some work. (As an example, our Endowment Fund was shown only as an Asset group, so there were no Donor Restrictions in place and the funds were included in our Unrestricted Net Assets.)
I am making good progress overall but want to check in on one problem. We have two equity accounts that were incorrectly classified as Donor Restricted (and set up with corresponding Release Accounts).
If I change one of these accounts to be an Unrestricted Equity Account, the balance is incorrect when I run historical Changes in Equity and Balance Sheet reports (by the Release amounts, accumulating over time).
What is the correct way to make these changes? For obvious reasons, I don't want to mess around with this.
Thanks!
Julie
I am making good progress overall but want to check in on one problem. We have two equity accounts that were incorrectly classified as Donor Restricted (and set up with corresponding Release Accounts).
If I change one of these accounts to be an Unrestricted Equity Account, the balance is incorrect when I run historical Changes in Equity and Balance Sheet reports (by the Release amounts, accumulating over time).
What is the correct way to make these changes? For obvious reasons, I don't want to mess around with this.
Thanks!
Julie