incorrect contribution posting

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treasurer4tbc
Posts: 16
Joined: Fri Jul 17, 2015 9:54 pm

incorrect contribution posting

Post by treasurer4tbc »

1. in error, posted some contributions to update fund accounting instead of contributions. Have not posted them to fund accounting yet. Is there a way to correct this?

2. When transferring from an account in another fund to an account in the general fund other than checking, is it necessary to use the transfer accounts in the same manner as when transferring money.

NeilZ
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Re: incorrect contribution posting

Post by NeilZ »

treasurer4tbc wrote:1. in error, posted some contributions to update fund accounting instead of contributions. Have not posted them to fund accounting yet. Is there a way to correct this?
Um ... you posted to fund accounting, but didn't post to fund accounting ??? Not sure where you're going with this. I'm going to assume that you just posted to CONTRIBUTIONS only.

You will have to enter a manual transaction in Fund Accounting. You should print the FUNDS REPORT for that day in question, then enter the transaction using those amounts and the proper income account for each area of contributions. Use a previous Contributions transaction as a guide.

2. When transferring from an account in another fund to an account in the general fund other than checking, is it necessary to use the transfer accounts in the same manner as when transferring money.
If this is a transfer that must be shown in the Income and Expense reports, along with the Accounting Fund Balances, you should use the transfer accounts. If this is an expense that was incorrectly entered in the wrong fund, its better to reverse the original transaction then recreate using the correct fund and accounts.

That said, without more information I really can't give you more advice.
Neil Zampella

Using PC+ since 1999.

treasurer4tbc
Posts: 16
Joined: Fri Jul 17, 2015 9:54 pm

Re: incorrect contribution posting

Post by treasurer4tbc »

Instead of posting to update the contribution module only, posted contributions to update fund accounting. Transactions have not been posted yet to Fund Accounting. Should I go ahead and post, then do a reversal. Then what. Do I have to correct contributions and then repost to contributions only.

Regarding the transfer question, I want to transfer payroll liability taxes from 03(school) to 01 (church) because the church pays the taxes. Now transfer from 03 checking to 01 checking the total amount paid and this is working accurately.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: incorrect contribution posting

Post by NeilZ »

treasurer4tbc wrote:Instead of posting to update the contribution module only, posted contributions to update fund accounting. Transactions have not been posted yet to Fund Accounting. Should I go ahead and post, then do a reversal. Then what. Do I have to correct contributions and then repost to contributions only.
OK ... are there incorrectly entered contributions ?? If not, you don't have to do a thing. If there are, you should reverse the incorrect contributions entered, enter the correct one, then Post to Funds Accounting. The system will then adjust everything.
Regarding the transfer question, I want to transfer payroll liability taxes from 03(school) to 01 (church) because the church pays the taxes. Now transfer from 03 checking to 01 checking the total amount paid and this is working accurately.
Right, but are you clearing the taxes paid out of fund 03?? I take it that there are separate checking accounts? If so, why is the church paying the taxes, why not just pay them out of the 03 checking account??
Neil Zampella

Using PC+ since 1999.

treasurer4tbc
Posts: 16
Joined: Fri Jul 17, 2015 9:54 pm

Re: incorrect contribution posting

Post by treasurer4tbc »

only one tax ID. Don't they have to be paid at one time?

NeilZ
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Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: incorrect contribution posting

Post by NeilZ »

treasurer4tbc wrote:only one tax ID. Don't they have to be paid at one time?
Two separate checking accounts ??
Neil Zampella

Using PC+ since 1999.

treasurer4tbc
Posts: 16
Joined: Fri Jul 17, 2015 9:54 pm

Re: incorrect contribution posting

Post by treasurer4tbc »

yes

NeilZ
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Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: incorrect contribution posting

Post by NeilZ »

treasurer4tbc wrote:yes
Wouldn't it be easier just to write a check from each account for the amount covered by each area? The church owes 150.00, and the school owes 75.00 .. just write two checks to the IRS with the same ETIN in the memo.

However, if you pay online using EFT, then you need to move the funds through the system. That said, i don't know if you're using Powerchurch to do payroll, or an external company that just tells you what you need to pay. So I don't know if you have a tax liability you have to move, whether you need to move funds for employer SS & Medicare matching, etc, etc.

If you're just moving the funds from checking to checking, are you showing that employer tax expense for the school?

Again, not knowing how you've got your COA setup, nor how you're covering tax expenses, its very hard to give any advice.
Neil Zampella

Using PC+ since 1999.

treasurer4tbc
Posts: 16
Joined: Fri Jul 17, 2015 9:54 pm

Re: incorrect contribution posting

Post by treasurer4tbc »

pay on line. that's why I have to move thru system. Payroll for school is done thru power church in fund 03 then entered in bank as ach direct deposit using the school's account. at least that part agrees with power church. The church files taxes on line and includes the school taxes. I then transfer from fund 03 to reimburse the church for the total amount of taxes paid for ps. See example below. The problem is getting the payroll tax liability and expenses to fund 01 so power church liability and expense accounts will properly reflect the correct amount paid.

03-1160-000 ps checking acct 144.57
03-9019-000 transfer out 144.57
01-1110-000 Church checking 144.57
01-9510-000 transfer in 144.57

If the liability taxes are transferred in this manner. can just one 03 and one 01 transfer account be used or does each liability account have to have it's own transfer account.

this is so complicated but the pastor just doesn't want to get the school a separate tax id. I guess it would be simplier to set up ps on another computer then I wouldn't have to deal with the transfer process. I could then just make a separate journal entry on each computer debiting one and crediting the other but that is for the future and I need a solution for the current situation

Any suggestions appreciated.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: incorrect contribution posting

Post by NeilZ »

treasurer4tbc wrote:pay on line. that's why I have to move thru system. Payroll for school is done thru power church in fund 03 then entered in bank as ach direct deposit using the school's account. at least that part agrees with power church. The church files taxes on line and includes the school taxes. I then transfer from fund 03 to reimburse the church for the total amount of taxes paid for ps. See example below. The problem is getting the payroll tax liability and expenses to fund 01 so power church liability and expense accounts will properly reflect the correct amount paid.

03-1160-000 ps checking acct 144.57
03-9019-000 transfer out 144.57
01-1110-000 Church checking 144.57
01-9510-000 transfer in 144.57



If the liability taxes are transferred in this manner. can just one 03 and one 01 transfer account be used or does each liability account have to have it's own transfer account.
There's no need to use separate transfer accounts if you create a separate transaction for checking, and then the liability accounts. This will work fine.
Neil Zampella

Using PC+ since 1999.

treasurer4tbc
Posts: 16
Joined: Fri Jul 17, 2015 9:54 pm

Re: incorrect contribution posting

Post by treasurer4tbc »

Thank you Neil. I'll let u know how this works out.

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