Transferring money between funds & accounts

[lakesidechurch]

Hello!

I am a very new user to Power Church software and could use some assistance.

Here is what happened:

A contribution of $2,000 was entered into a Fund called “Missions.” This contribution actually should have been coded to the “Building Fund.”

When a contribution is coded to the “Mission” fund it creates an entry like this:

PRIMARY CHECKING (01-Gen. Fund) DR 2,000.00

Missions Income (01 Gen. Fund) CR 2,000.00

This entry shouldn’t have gone into this account. It should have been coded to “Building Fund” and would have created an entry like this:

PRIMARY CHECKING (02-Bldg.Fund) CR 2,000.00

Capital Campaign Income (02-Bldg.Fund) DR 2,000.00


The church wanted to transfer that 2,000 contribution to the 02-Building Fund Checking account.

So I have to get it out of the 01-Gen. Fund Checking and into the 02-Building Fund Checking.

So this is what I have done so far:

Entered a TRANSFER transaction:


PRIMARY CHECKING (01-Gen. Fund) CR 2,000.00

Transfer to Fund (01-Gen.Fund) DR 2,000.00

PRIMARY CHECKING (02-Bldg.Fund) DR 2,000.00

Transfer from Fund (02-Bldg.Fund) CR 2,000.00


Now that I have done this, I am still left with this problem: The 2,000.00 is still in the (Missions Income - 01-Gen. Fund) account and it needs to be in the (Building Fund Income - 02-Bldg. Fund) account.

What kind of entry can I do to make this happen?

Would it be easier to delete the original contribution and re-enter it?

Any help is greatly appreciated!

Mindy

[tborgal]

The easiest way to resolve this problem is to reverse the contribution. Go to Contributions and select the person who made the original contribution. Enter the date of the original contribution then select the Fund for missions and enter minus $2,000 before saving select the Fund for Building Fund and enter $2,000 then save the contribution. This will be a zero transaction and will not effect the offering statement but will make the changes you need to the accounts. You will need to reverse the transfer transaction that you made however. Probably should do that first.

[lakesidechurch]

So I need to:

1. Act like I am entering a new contribution for the same person, and enter <2,000> and choose the old Fund "Missions". Save this contribution.

2. Then enter a new contribution for that person for 2,000 choosing the correct fund. "Building Fund". Save this contribution

I guess I am trying to figure out exactly where I need to go to do this.

Mindy

[Eden Whitehead]

So I need to:

1. Act like I am entering a new contribution for the same person, and enter <2,000> and choose the old Fund "Missions". Save this contribution.

2. Then enter a new contribution for that person for 2,000 choosing the correct fund. "Building Fund". Save this contribution

I guess I am trying to figure out exactly where I need to go to do this.

Mindy

FIRST (based on Tom's previous response and assuming you posted the transfer transaction) you need to go into Fund Accounting and REVERSE the transfer. You can do this by clicking on Accounting > Fund Acounting > View Posted Transactions. Highlight the transfer transaction and click on Reverse (lower left of the box).

THEN in Contributions -- yes, it is as if you were entering a new contribution for the same person. JUST BE SURE to use the same date as you did when you originally entered the (wrong) contribution information. Post to Fund Accounting as usual (assuming that's how you usually do it )

Good practice is to make a BACKUP BEFORE YOU START. (I would suggest backing up Contributions and Accounting separately.) Because I am so prone to mess up, I am inclined to make another backup of the particular module I have been working in at the end of each step before going on to the next step.

Be encouraged. This will all get easier as you go along. PowerChurch Plus is a fairly amiable and forgiving program.

Eden

[tborgal]

After you do the reversal, when you enter the new contribution you do not need to do this in two steps. You can put both the minus to the Mission Fund and the positive to the Building Fund in the same contribution entry. The end result will be a zero contribution, but you do need to do the normal posting process so that the proper accounts are debited and credited. Again be sure you use the same date as the original contribution and as Eden suggested it is wise to do a backup before you make any changes so if you do make a mistake you can get back to where you started.

And Eden is right, it does get easier.