Designated donations for Missions
Posted: Mon Sep 05, 2011 2:32 pm
We have two checking accounts for now. The first controls general funds and mission funds. The second is for a benevolence fund only.
My main question is for the mission funds. Our church has set up that we pay $150 / month out of the general fund to missionaries (we have two so $75/month each). We also have donations to missions. Assuming that these designations are to the missions fund, and not to specific missionaries, how do I set up the chart of accounts to track donor restrictions and our promised monies?
I'm thinking that possibly if I set up donor restrictions, I can transfer money from the net asset equity fund into missions for the promised money, and then in contributions, any designations can go into the donor restricted mission fund.
This is getting very confusing for me. Thanks for your help.
Tim
My main question is for the mission funds. Our church has set up that we pay $150 / month out of the general fund to missionaries (we have two so $75/month each). We also have donations to missions. Assuming that these designations are to the missions fund, and not to specific missionaries, how do I set up the chart of accounts to track donor restrictions and our promised monies?
I'm thinking that possibly if I set up donor restrictions, I can transfer money from the net asset equity fund into missions for the promised money, and then in contributions, any designations can go into the donor restricted mission fund.
This is getting very confusing for me. Thanks for your help.
Tim