Chart of accounts question

Contributions, Faith Promises

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AdminTCC
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Joined: Thu Dec 17, 2020 5:17 pm

Chart of accounts question

Post by AdminTCC »

We have a Benevolence Fund numbered 3210-101 for Temporary Donor restricted contributions and is linked to our General Checking. But there is also Benevolence # 4210-101 listed as income, and 4810-101 as the release from Temp donor restricted. We have a new person doing books and I want to make sure she knows the best way to post. Am I correct in the following... $ given for benevolence should go in general Fund as debit and into 4210-101 as credit. Then when a check is written to someone from the benevolence fund it is debited from 4210-101 and credited 4810-101? Or the vice versa?

Zorak
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Re: Chart of accounts question

Post by Zorak »

Clicking the Release From Restriction button on the Enter Transactions (or Maintain Open Invoices/Maintain Manual Checks in Accounts Payable) is the best/easiest way to record the release. That will add those lines to the transaction for you.

In this example, the release would debit 4810-101 and credit 4999-000 Released from restriction.

NeilZ
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Re: Chart of accounts question

Post by NeilZ »

AdminTCC wrote:
Mon Dec 05, 2022 3:28 pm
We have a Benevolence Fund numbered 3210-101 for Temporary Donor restricted contributions and is linked to our General Checking. But there is also Benevolence # 4210-101 listed as income, and 4810-101 as the release from Temp donor restricted. We have a new person doing books and I want to make sure she knows the best way to post. Am I correct in the following... $ given for benevolence should go in general Fund as debit and into 4210-101 as credit. Then when a check is written to someone from the benevolence fund it is debited from 4210-101 and credited 4810-101? Or the vice versa?
In addition to what Zorak said ... if the funds are being entered as Contributions, the Contribution fund setup for these Temp Restricted donations should have the proper accounts already setup. All you should do it Post Contributions to Funds Accounting, and the system will create the proper deposit transactions for you. There is no need to manually enter them.
Neil Zampella

Using PC+ since 1999.

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