Need to Restart Accounting - reconciliation way off

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

Moderators: Moderators, Tech Support

NeilZ
Posts: 10589
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Need to Restart Accounting - reconciliation way off

Post by NeilZ »

Note ... I need to correct what John as for the Payroll Item setup. From what I can tell, as in the PC(USA), the payment to the Missouri Conference covers a few liabilities which you said include Pension, Health Insurance, etc.

You would have the Debit from your expense account with the Credit to the liability. At our church we have two separate employer liabilities: Pension and Healthcare, and one deduction for Dental from the Pastor's salary. All these are separate Payroll Items, with the employer liabilities debiting expense and crediting liability accounts. Of course, the employee deduction is created as a deduction item, but crediting the dental liability account.

Then when we get the payment notice from the Board of Pensions, we have the total payment listed as a credit from the checking account, but each liability is debited as a separate line item in the AP transaction. So the transaction shows one credit (Checking) and three debits (Liability accounts for Health, Pension & Dental)
Neil Zampella

Using PC+ since 1999.

Post Reply