Contribution Fund Type

[Kristi]

I just want to be sure this is right before I start.

I have a Contribution number for choir #700 Choir Fund
Now I can go to Maintain Custom Codes & create two codes: We receive Honors & Memorials for just about every Fund we create.

Honors-Choir Fund
Memorials-Choir Fund

When I receive an honor check in the mail, I go back to Maintain Contributions #700 and select the Contribution Fund type:Honors-CF, then if I get a memorial I can use the same Contributions #700, just change the Contribution Fund type to Memorials-CF. If this is correct, this will be great!


Or do I still need to make a two new Contribution numbers:
#701 Choir Fund-Honors
#702 Choir Fund-Memorials
Thank you~Kristi

[NeilZ]

I just want to be sure this is right before I start.

I have a Contribution number for choir #700 Choir Fund
Now I can go to Maintain Custom Codes & create two codes: We receive Honors & Memorials for just about every Fund we create.

Honors-Choir Fund
Memorials-Choir Fund

When I receive an honor check in the mail, I go back to Maintain Contributions #700 and select the Contribution Fund type:Honors-CF, then if I get a memorial I can use the same Contributions #700, just change the Contribution Fund type to Memorials-CF. If this is correct, this will be great!


Or do I still need to make a two new Contribution numbers:
#701 Choir Fund-Honors
#702 Choir Fund-Memorials
Thank you~Kristi

The main question is this:

in what way do you want to track these contributions, by envelope number, totals of memorials or honors, etc.

These new options can be very powerful if used right, or downright confusing if overlapped and setup incorrectly.

[Jeff]

Just to be sure we are talking about the right thing. Version 11 added two new options for funds. Fund Types and Designations.

Fund Types describe the contribution fund. They let you group funds together that might not be listed numerically in order. For example you may have several specific mission areas that people give to. You can use the fund type when running reports to group all those mission funds together.

Designations describe the actual gift. Kind of think of them as sub-funds. They are meant to be used as specification within a general category. They work when you do not need separate income accounts in your chart of accounts for each sub-area. For example memorials, if you do not track specific memorial balances in fund accounting, you can create one contribution fund called memorials and then create designations within that fund.

So for your example, it depends on what you want. If you need to have 2 different income accounts in your chart of accounts for Honors - choir and Memorial - Choir? If so, you will need 2 different CO funds. If not, you could really set it up either way. You could create 2 different funds and use the type to specify honors and memorials funds. Or you could create one choir fund and use designations to specify whether the gift was an honor or a memorial.

[Kristi]

Thanks. The reason I kept Honors & Memorials seperate was because:

1. the acknowlegement cards were written that way. I created my own generic Thank You for Your Gift card several years ago...So that is no longer an issue.
2. I type a list for our monthly mail-out. Our secretary agreed with me that I don't need to differentiate them on that list either.

So, yeah!, I get to condense a lot of my work.

Now, my question is....since I do have 2 different income accounts in several funds,like the Choir Fund:
Honors:Choir 4410
Memorials:Choir 4415
Can I just rename 4410 to Honors/Mems:Choir or should I just start with a fresh number?
Then I can just delete any I have not used in other funds, correct?

Thank you~Kristi

[NeilZ]

Thanks. The reason I kept Honors & Memorials seperate was because:

1. the acknowlegement cards were written that way. I created my own generic Thank You for Your Gift card several years ago...So that is no longer an issue.
2. I type a list for our monthly mail-out. Our secretary agreed with me that I don't need to differentiate them on that list either.

So, yeah!, I get to condense a lot of my work.

Now, my question is....since I do have 2 different income accounts in several funds,like the Choir Fund:
Honors:Choir 4410
Memorials:Choir 4415
Can I just rename 4410 to Honors/Mems:Choir or should I just start with a fresh number?
Then I can just delete any I have not used in other funds, correct?

Thank you~Kristi

OK ... terminology check .... Income Account are we talking Contributions here, or Funds Accounting, as those look like FA account numbers.

For FA, I'm fairly sure that since you don't need to track in the income separate in FA, you can just condense to one account number.

In Contributions, if you're going to use the Designation codes, one Contribution Fund that posts to Fund Accouting account 4410 should do the trick.

[Kristi]

Yes, Neil, I was talking about Fund Accounting when I said Income.
The way you explained it was exactly what I was thinking. Thank you so much for reading my mind.
I am very excited about Version 11 & ready to put it to good use.
God bless all you PowerChurch techies~Kristi