How to print Income and expense statement from last year

[k9vet]

We have a group of UNBUDGETED accounts in our General Fund called "02 Special Funds". I am able to print an Income and Expense statement
of them if I select the date range November 2014 to December 2014, but I can't get a proper printout if I select Jan 2015 to Feb 2015 for them. The itemized data doesn't want to carry over from 2014 into 2015 for these funds. What should I do to get them to display for this year?

[NeilZ]

We have a group of UNBUDGETED accounts in our General Fund called "02 Special Funds". I am able to print an Income and Expense statement
of them if I select the date range November 2014 to December 2014, but I can't get a proper printout if I select Jan 2015 to Feb 2015 for them. The itemized data doesn't want to carry over from 2014 into 2015 for these funds. What should I do to get them to display for this year?

Are these income or liability accounts ?? If not, I do not believe that expense accounts carry over to the new year. You may have to create a new account of a different type for these accounts.

If you could give more information on what these accounts are for, what they do, it would help.

[k9vet]

I guess I would call these special funds "income". Here are a couple examples: One is Benevolent Fund. It is unbudgeted but it can receive contributions into it and money can be disbursed out of it when needed. Another such fund is the Organ/piano maintenance fund. Again,
money can be put into the fund and disbursed out as needed. The balances in these funds are supposed to carry over into the new year,
kind of like savings accounts to be used if and when needed. If we weren't using PowerChurch to keep track of them I guess we would
just have a hand-written ledger for each one. As far as accounting goes, it is just for record-keeping purposes.
The fact that all these funds are in PowerChurch and can be printed as I stated above (up to end of 2014) but not for 2015 is the problem:
getting this data to cross into this year. I don't know how this situation was handled in previous years because I was not involved then.

Maybe we should keep track of these funds some other way; I just don't know.

[Matt]

Does your fiscal year end at 31 December? If so, the system closed the balances on your income and expense accounts to the equity accounts that they are set to close into. As a result, you can't use the Income and Expense statement to see what the fund balances are in these accounts for the new fiscal year (2015). You will need to run the Balance Sheet or the Changes in Equity report instead.

[k9vet]

Yes, Matt, our fiscal year ended Dec. 31. I will try to follow up on this as you suggested.

Scott

[k9vet]

I tried running the Balance Sheet and the Changes in Equity reports as you suggested but I still can't see the detailed amounts in all these special 02 fund accounts carrying over from 2014... Do I have to start over for 2015 by re-entering a "new" 02 accounting fund and entering everything by hand from scratch, using last year's printout as a template?

[Matt]

It sounds like you may not have set up fund balance accounts for these accounts. Or if you have, the close to accounts for the income and/or expense accounts are not set to close into the right fund balance accounts. To verify what fund balance account these accounts are set to close into run the Account Close to Report in Fund Accounting.

[k9vet]

The 02 accounts in question close to "02-3001-000" according to the Close To report. So, knowing that, what do I do to get them to be "open"
for use in 2015 accounting and to be printable if I do an Income and Expense Summary report for 02 funds?

[Matt]

Yes, this explains why you are not seeing the fund balances carrying forward into 2015 on the Balance Sheet. They are all closing into the same account--02-3001-000 so the fund balances for the individual funds are not being broken out.

To get them to show up you will need to add new fund balance accounts to your Fund 02 in Maintain Chart of Accounts for each fund. For example, add account 02-3020-000 for your Benevolent Fund. Then, you will need to identify the corresponding income and expense accounts for the Benevolent Fund. Let's say they are 02-4020-000 for the income account and 02-5020-000 for the expense account. Now, go into Maintain Chart of Accounts for both the income and expense accounts. Click on the Account, then on the Details tab. On the next screen, on the Account tab, there is a field called "At the end of the year this account closes to". Change the account that is shown to the new fund balance account that you set up--02-3020-000 in this example. Once this is done rerun the Balance Sheet report. You should now see the fund balance for the Benevolent fund.