entering opening balances after set up

[kimvdh]

i have done the set up for 3 funds all with zero opening balances
01 General Fund
02 Benevolent Fund
03 Capital Expenditures
now i need to enter the opening balances for each. where and how do i do that?

if the easiest way is to restart the accnt set up will i loose the chart of accounts? (it took me a long time to customize it with all the ministries ect)

[NeilZ]

i have done the set up for 3 funds all with zero opening balances
01 General Fund
02 Benevolent Fund
03 Capital Expenditures
now i need to enter the opening balances for each. where and how do i do that?

if the easiest way is to restart the accnt set up will i loose the chart of accounts? (it took me a long time to customize it with all the ministries ect)

Yep, the easiest way was to use the Account Setup Wizard, but you will lose the existing Chart of Accounts. However, now you'll have to create the transactions to populate the balances.

That said, if you print out the current Chart of Accounts, you can then reuse that to load up the COA in the wizard if you want.

[Zorak]

Just a reminder about doing that, though... The Accounting Setup Assistant only sets up the General Fund 01.

[kimvdh]

is there any other way?

[NeilZ]

is there any other way?

Unfortunately, no. A double entry system is exactly that. You'll need to create a double entry transaction to reflect a debit and a credit.

[kimvdh]

oh that sucks!
well on a positive note i'll be quite experienced in the setting up funds and budgets!

i just thought of something.. can i leave the gen fund 01 as it is and only redo the benevolent fund 02 and capital ex. fund 03 - those were not so labour intensive....can i delete those (02 &03) completely and then restart them - if that is possible i could put the opening balance of Gen fund 01 into the 03 fund and then transfer the amount into 01 (this is "legit" because the opening balance for 01 and 03 is the carry over from our year end - we just designated most of the surplus to be held in 03 - make sense?)

[Zorak]

You don't necessarily need to start accounting over or delete funds to enter beginning balances.

Just enter transactions in Fund Accounting that "adjust" the balances into the accounts at the beginning of the year. For example:

01-1110-000 checking (debit) $300
01-3110-000 net assets (credit) $300

This transaction adds $300 to the checking account. All asset account balances would be set this way. The debits and credits would be opposite for liability accounts.

[kimvdh]

but right now there is nothing in my net assets ... do i need to first add all $ we have into net assets and then do what you said for the gen 01 and for 02 and 03 - that would leave all assets "spoken for"

[NeilZ]

but right now there is nothing in my net assets ... do i need to first add all $ we have into net assets and then do what you said for the gen 01 and for 02 and 03 - that would leave all assets "spoken for"

By using the transaction as shown above, you will be entering Net Assets. You need to do a transaction for each fund to cover your checking accounts, and other assets.

[kimvdh]

ok thanks that worked for General Fund 01! THANKS SO happy not to have to restart!
but when i try to enter a transaction for Benevent Fund 02 i can only 02 3110 net assets and 02 4510 bank interest...(same for the 03 Fund) did i miss a step in the setting up of 02 and 03?
the chart of accnt report shows that both 02 and 03 have the 1100 checking account..

sorry for all the questions - i sure appreciate your help!

[NeilZ]

ok thanks that worked for General Fund 01! THANKS SO happy not to have to restart!
but when i try to enter a transaction for Benevent Fund 02 i can only 02 3110 net assets and 02 4510 bank interest...(same for the 03 Fund) did i miss a step in the setting up of 02 and 03?
the chart of accnt report shows that both 02 and 03 have the 1100 checking account..

sorry for all the questions - i sure appreciate your help!

Check to make sure that the 02-1100 and 03-1100 are ACTIVE. To do this, go into the Maintain Chart of Accounts function, find the 1100 account, then click on the Details button for the 02 fund, at the top you should have a checkmark next to the ACTIVE box. If not, check it, then repeat for the 03 fund.

[kimvdh]

OK all done thanks so much for your help! I now have 3 funds all with the correct totals on my balance sheet

[NeilZ]

OK all done thanks so much for your help! I now have 3 funds all with the correct totals on my balance sheet

Glad to be of some help.

[PeaceGranger]

OK all done thanks so much for your help! I now have 3 funds all with the correct totals on my balance sheet

Glad to be of some help.

Neil,

You seem to have a lot of knowledge about PCP and accounting.
Would you be willing to "walk" me through various things on this system?
I just became the church treasurer.
I have no accounting knowledge.
I had our PCP system upgraded from v.6.2 to v.11 just a few weeks ago hoping it would make this volunteer job easier, but I'm still quite in the dark.
If the only way to correspond is through this forum, I'm ok with that.

David

[NeilZ]

Neil,

You seem to have a lot of knowledge about PCP and accounting.
Would you be willing to "walk" me through various things on this system?
I just became the church treasurer.
I have no accounting knowledge.
I had our PCP system upgraded from v.6.2 to v.11 just a few weeks ago hoping it would make this volunteer job easier, but I'm still quite in the dark.
If the only way to correspond is through this forum, I'm ok with that.

David

I know enough to be dangerous. That said, there are enough knowledgeable people here that if you ask questions here, you'll get a good answer.

First off, though, I'd start a new topic under the Accounting Forum and start asking questions. The other thing I would DEFINITELY do is invest a few bucks into the Powerchurch online courses, Funds Accounting 101 & 102. You can find out more here: https://www.powerchurch.com/training_classes/.

The next 101 class is Nov 9th, and 102 on Nov 10th. Unfortunately they're at 10am in the morning which may not work out for you.

FWIW ... moving from v6 to V11 definitely is a good move as there were major changes to accounting in v8 I believe, and gradual improvements since there.