set up another fund

[FBCVandalia]

Version 11.5

I set up the software with balances as of 3/31/12. We have a savings account that has mixed funds- from the general fund & building fund.

With a spreadsheet - I am manually keeping track of the breakdown of the savings account between the two funds. We operate with only one checking account and all income & expenses are run through there.

The monthly interest for the savings account goes to the building fund.

Should I set up another fund for the building fund? Can you have another fund without a checking account?

I want to keep it as simple as possible.

Pamela Shaw
Church Treasurer

[NeilZ]

Version 11.5

I set up the software with balances as of 3/31/12. We have a savings account that has mixed funds- from the general fund & building fund.

With a spreadsheet - I am manually keeping track of the breakdown of the savings account between the two funds. We operate with only one checking account and all income & expenses are run through there.

The monthly interest for the savings account goes to the building fund.

Should I set up another fund for the building fund? Can you have another fund without a checking account?

I want to keep it as simple as possible.

Pamela Shaw
Church Treasurer

Yes .. you can have two (or more) separate funds using the one checking account. We do that here, and the system keeps track of income and expenses separately. Makes it much easier to be able to run reports, and is more visible to the audit committee and the congregation in reports.

[FBCVandalia]

Need someone to look this over - does this make sense & will it work like I think it will.
I will set up another fund called Building Fund as Fund 02-. All I will do in Fund 02 is record interest earned. Funds will be transferred to General Fund 01 to pay all expenses. All I need for the building fund would be the following accounts: (Using the same number as in 01- General Fund)
02- 1210 - Savings Account
02- 3110 - Equity Account
02- 4520 Interest Income
02-9001 Transfer to Fund02
02-9500 - Transfer from Fund 02

I am concerned with reconciling the Savings account each month. How will that work with the balance being in two funds.
Pamela Shaw
Church Treasurer

[NeilZ]

Need someone to look this over - does this make sense & will it work like I think it will.
I will set up another fund called Building Fund as Fund 02-. All I will do in Fund 02 is record interest earned. Funds will be transferred to General Fund 01 to pay all expenses. All I need for the building fund would be the following accounts: (Using the same number as in 01- General Fund)
02- 1210 - Savings Account
02- 3110 - Equity Account
02- 4520 Interest Income
02-9001 Transfer to Fund02
02-9500 - Transfer from Fund 02

I am concerned with reconciling the Savings account each month. How will that work with the balance being in two funds.
Pamela Shaw
Church Treasurer

Pamela,

the reconciliation will cover both funds. The system uses the main account number (1210) to pull all transactions to do the reconciliation. The same would hold true if you used the same checking account (1110) in both funds.

The system will keep track of the amount entered in 1210 from each fund, and show them separately in any reports. The reconciliation will show you what you should see from the bank statement.

Does that explain it ??

As far as the account setup .. it looks good to me, but don't quote me on that. If its not, I suspect you'll see a post from John

[FBCVandalia]

Ok I now understand how the savings account would be reconciled.

I have an additional question regarding specific transfers;
Our church has decided that any memorials should be transferred to the building fund.

I have set up Memorial Fund as Donor Temporarily Restricted
What account numbers to use to show this transferred into the Building Fund from General Fund?

I appreciate your assistance.

Pamela Shaw
Church Treasurer

[NeilZ]

Ok I now understand how the savings account would be reconciled.

I have an additional question regarding specific transfers;
Our church has decided that any memorials should be transferred to the building fund.

I have set up Memorial Fund as Donor Temporarily Restricted
What account numbers to use to show this transferred into the Building Fund from General Fund?

I appreciate your assistance.

Pamela Shaw
Church Treasurer

Here's the question:

Why are you putting the funds in the operating fund first ?? Just put them directly into the Building Fund. If you are doing this through Contributions (the Memorials entry) just point the checking and income accounts to the ones used under fund 02 .

Don't create extra work for yourself

[FBCVandalia]

Here's the question:

Why are you putting the funds in the operating fund first ?? Just put them directly into the Building Fund. If you are doing this through Contributions (the Memorials entry) just point the checking and income accounts to the ones used under fund 02 .

Don't create extra work for yourself

This is a 2 part question;
1.I haven't actually set up the Contributions module yet. I set up accounting first and have entered the bank deposit in accounting Funding as journal vouchers. How do I transfer the funds from memorials to building fund 02?

2. How would I do what you suggested in Contributions?
Pam

[NeilZ]

Here's the question:
This is a 2 part question;
1.I haven't actually set up the Contributions module yet. I set up accounting first and have entered the bank deposit in accounting Funding as journal vouchers. How do I transfer the funds from memorials to building fund 02?

2. How would I do what you suggested in Contributions?
Pam

1. You would use the transfer accounts you created ... the online help has the procedures listed under the Index under TRANSFER ACCOUNTS.

2. You would setup the Contributions Fund as you would for normal offerings, but point the checking and the income accounts to the checking account (or saving account) under fund 02, as well as any Memorial income account (restricted or unrestricted) under fund 02.