One checking account, multiple funds

[Tobiestew]

My church is just setting up Power Church for the first time. The Board of Trustees wants to use a separate Fund for General, Building and Missions. We only use one checking account for all payments. We support approx 24 Missions each month and are building a new Church Building. I am not sure how using the Transfers to Other Funds will affect the General Fund financial statements. Has anyone used the Transfer Income accounts to show transfers without physically depositing the money into a separate checking account?

Should all money recorded in Contributions be posted directly to the corresponding Fund Income account? Is there a report that will show all the money brought into all the Funds in some type of Consolidation?

Or, would it be better to set up sub accounts for Building Construction and Missions revenue and expenses? Are there ways to print reports showing 1) consolidation and 2) sub account income / expenses?

Thanks.

[jeffkoke]

Hmmm, all good questions.

Let me tell you what we have set up and perhaps it will answer some of your questions.

We have four funds: General, Youth, Missions and Building.
We have two checking accounts: General and Building.

The General, Youth and Missions funds are allocated to the general checking account. The Building fund is allocated to the building checking account (a restricted account).

When we receive monies towards Youth, Missions or Building (stewardship pledges), the contributions fund items (i.e. youth, world missions, home missions, missions project and building fund) are allocated to the appropriate/requisite Funds within PowerChurch.

So, if someone gives to the building fund, it shows on the contributions report and on the income and expense statement for fund 20, our building fund.

I have not used the inter-fund transfer capability just made available in verison 9. Perhaps Neil or some others can speak to that.

Hopefully, this answers more questions than it creates.

Jeff