Contribution posting/Fund accounting
Posted: Tue May 21, 2019 1:09 pm
I've recently taken over bookkeeping at our church, and as I'm learning Power Church I believe I'm seeing some things we are doing incorrectly but want to make sure before I show to our treasurer.
Each week, our money-counters enter all the income in the Contributions module, and then post ONLY to contributions and submit the posting summary report to bookkeeping. All the contributions are posted to the Designated Funds income accounts. Then the bookkeeper was creating a transaction in Fund Accounting to reflect the total deposits made, one each for cash and checks. My concern is that while the income accounts are reflected correctly in Contributions, they are NOT processed the same in Fund Accounting - the posts I was told to make have been as follows:
Debit 20-1210-000 Money Market General Fund
Credit 20-4100-000 General Fund income account
None of these deposits are reflecting which designated account they are to be applied to - am I incorrect in assuming this is wrong?
If we were to start posting our Contributions to the Fund Accounting, would it then be reflected correctly to those income accounts?
We have a specific missions trip coming up with a lot of designated contributions to their fund, and I'm not really confident that the balance numbers I'm giving to our pastor are accurate.
Each week, our money-counters enter all the income in the Contributions module, and then post ONLY to contributions and submit the posting summary report to bookkeeping. All the contributions are posted to the Designated Funds income accounts. Then the bookkeeper was creating a transaction in Fund Accounting to reflect the total deposits made, one each for cash and checks. My concern is that while the income accounts are reflected correctly in Contributions, they are NOT processed the same in Fund Accounting - the posts I was told to make have been as follows:
Debit 20-1210-000 Money Market General Fund
Credit 20-4100-000 General Fund income account
None of these deposits are reflecting which designated account they are to be applied to - am I incorrect in assuming this is wrong?
If we were to start posting our Contributions to the Fund Accounting, would it then be reflected correctly to those income accounts?
We have a specific missions trip coming up with a lot of designated contributions to their fund, and I'm not really confident that the balance numbers I'm giving to our pastor are accurate.