User Support Forum

Question on Transfers: I am new to Power Church. Do not understand transfers and how the entries show up on income and expense accounts.
I have 8 funds, one active checking account. multiple savings accounts.
needed to transfer money from my 00 account (where the savings were) to 01 (checking). Made the following entries:
00-1230 (Building-savings)Cr
00-9210 (transfer out)DB
01-1040 (checking)Db
01-1230 (building)Cr
01-9310 (transfer In)Cr.
01-1230 (Building) Db
What is the end result on the financials? A wash except in checking?
I run and income/expense account statement. Thanks for the help

without seeing the numbers involved, it's hard to say. What are you doing with that 01-1230 account?

Since your transfer in and out aren't the same account in each fund, each will show up on your Income and Expense report, unless you have the "use transfer accounts" turned on in the accounting setup.

Ideally, your transaction would look something like this: Does that help?

If you want separate accounts for transfers in and transfers out which allow you to see that activity on the income statement, you may want to group the transfers-in with your revenue accounts and your transfers-out with expense accounts.

Zaphod wrote:without seeing the numbers involved, it's hard to say. What are you doing with that 01-1230 account?

Since your transfer in and out aren't the same account in each fund, each will show up on your Income and Expense report, unless you have the "use transfer accounts" turned on in the accounting setup.

Ideally, your transaction would look something like this:

Code: Select all

00-1230 CR
00-9210 DB
01-1040 DB
01-9310 CR

Does that help?

Zaphod--I have a question on your statement "Since your transfer in and out aren't the same account in each fund, each will show up on your Income and Expense report, unless you have the "use transfer accounts" turned on in the accounting setup" above.

I have transfer accounts set up for accounts 9000-9999. I have the checkbox checked for "Use Transfer Accounts" in the Accounting Setup. When I run my Income and Expense Statement, the transfer accounts show up on the last page of the report. If I uncheck the checkbox for "Use Transfer Accounts" in the Accounting Setup and run the Income and Expense Statement again, the statement looks the same as before i.e. the transfer accounts still show up. So, what purpose does checking the "Use Transfer Accounts" checkbox in the Accounting Setup serve? It does not appear to keep the transfer accounts from appearing on your Income and Expense Statement as you state.

Matt,

Your right, once you have enabled transfer accounts and added them to the chart of accounts, they will show on the income and expense statement, all the "enable transfer accounts" setting does is add the option to add a new transfer account to the add account assistant and enable it as a selection option on some other reports, like the budget report. I can't remember right off if any other reports have this option. We had to have this option this way to handle users upgrading from prior versions of PowerChurch Plus.