User Support Forum

Hello,

We recently moved proceeds from an insurance claim from our regular checking account to a separate checking account which is designated "escrow" to pay the contractor when the work is completed. We have never used the 9000 series of accounts so I'd like help figuring out how to record this activity in PowerChurch. My question is do I need to create a new Fund (02) for this new escrow checking account? Or can I create a new checking account in our existing 01 Fund?

In reading the PowerChurch manual about transfer accounts, I am suspecting our 9000 accounts are not set up correctly in our chart of accounts and suspect I will need to make some adjustments in the descriptions:

St. Paul United Methodist Church
03/13/2022 08:31 AM Detail Chart of Accounts Page: 1


9000 TRANSFER ACCOUNTS Level: 1 Type: Group Category: Transfer
Normal balance: CR Page break: N

01 GENERAL FUND Active: Y

9001 TRANSFER TO OTHER FUNDS Level: 2 Type: Group Category: Transfer
Normal balance: CR Page break: N

01 GENERAL FUND Active: Y

9010 Transfer to Fund 01 Level: 5 Type: Detail Category: Transfer
Normal balance: CR Page break: N

01 GENERAL FUND Active: Y Account closes to: 01-3110 Uses restricted money: N

9500 TRANSFER FROM OTHER FUNDS Level: 2 Type: Group Category: Transfer
Normal balance: CR Page break: N

01 GENERAL FUND Active: Y

9510 Transfer from Fund 01 Level: 5 Type: Detail Category: Transfer
Normal balance: CR Page break: N

01 GENERAL FUND Active: Y Account closes to: 01-3110 Uses restricted money: N

Thanks for any suggestions!
Marie

mariecouch wrote: ↑

Sun Mar 13, 2022 4:54 pm

Hello,

We recently moved proceeds from an insurance claim from our regular checking account to a separate checking account which is designated "escrow" to pay the contractor when the work is completed. We have never used the 9000 series of accounts so I'd like help figuring out how to record this activity in PowerChurch. My question is do I need to create a new Fund (02) for this new escrow checking account? Or can I create a new checking account in our existing 01 Fund?

In reading the PowerChurch manual about transfer accounts, I am suspecting our 9000 accounts are not set up correctly in our chart of accounts and suspect I will need to make some adjustments in the descriptions:


Thanks for any suggestions!
Marie

You don't need to create another fund, and you don't need to use transfer accounts to setup the new checking account.

You can put the checking account as another asset under your 01 Operations fund. You shouldn't have to create a new fund balance (escrow) account either.

To show the funds in the checking account you need to create a transaction in Funds Accounting DEBITing the new checking account, and CREDITING the unrestricted net assets account.

The money will then show up on the balance sheet as bank account assets.

Since it appears you only have one Accounting Fund (01) there is really no need to even use the transfer accounts. They're only used if you have more than one Accounting Fund, and you need to move funds between them.

Perfect Neil! As always, ever so grateful for your prompt solutions. Marie