Entering Contributions for Interact Account

[ivycottage]

In Power Church we have all our Contribution Funds going into the checking account for which all the cash deposits are made. However, we recently introduced Interact as a method of payment and had to open a separate account for that.

I need to enter the contributions for these deposits without messing up my checking account bank reconciliations.

Do I made an additional set of Contribution Funds linking to the Interact Account?

I'm looking for the most efficient way of doing this without it being confusing.

Thanks.

[NeilZ]

In Power Church we have all our Contribution Funds going into the checking account for which all the cash deposits are made. However, we recently introduced Interact as a method of payment and had to open a separate account for that.

I need to enter the contributions for these deposits without messing up my checking account bank reconciliations.

Do I made an additional set of Contribution Funds linking to the Interact Account?

I'm looking for the most efficient way of doing this without it being confusing.

Thanks.

FWIW ... we setup such an Internet payment account, and set it up with our main checking account as for the deposits. Not sure why your bank had you setup a separate account.

On the Contributions side, you'll have to setup separate Contributions funds that post to the new bank account you'll need to setup on the Funds Accounting side.

However, you'll then have to make funds transfer's in accounting to your main income bank account, as well as transfer those funds between actual bank accounts.

May I ask, is there no way your bank could change the account in which these Internet donations are deposited to the main income account ??

[ivycottage]

Our original checking account is not a "business account". However, it still works for us. We don't want to change it because of service charges, they are much lower in the account we currently have. However, the account was not compatible with the interact, therefore, we had to open an account for the interact donations to go into. Transfers are made via internet by the Pastor from that account into the main one.

I realize that I must do journal entries for the transfers. I wanted to make sure that I had the contributions entered correctly so both contributor's account and bank would be accurate.

Thanks for your help!