Checks of an operating nature, ie not from the funds, are booked simpy as that, i.e. operating expenses. LIke I said, I never implemented this other than in a test file, so I welcome suggestions from you or others.However, I dont see a category for how one uses Quickens features to best represent the way an entity operates.In the meantime, here goes My church uses a single checking account.Internally we break this account into several funds or sub-accounts for record keeping purposes.
For example: Operating, Missions, Capital Improvements, and transactions for all of them flow through the single checking account. In Quicken I have treated each fund as a separate bank account within a single Quicken file. Then I set up Categories that allow income and expenses to be tracked by type. Including this truly separate account as a Quicken account creates confusion between the notions of account and fund (or sub-account) within an account. Is there another way to set up Quicken that maintains the true distinction among accounts AND enables me to recognize the various funds or sub-accounts within our checking account Thanks in advance for your help. Thanks, NotACPA. I was afraid I was going to hear this sort of reply. My approach worked quite well until we opened a second account. We looked at Quickbooks a while ago; it seemed very complicated and raised some of the same how do we organize things questions. Otherwise the closest thing in Quicken might certainly be the use of Savings Goals. After setting up the Cash Account, you can rename them, to meaningful names. You can Transfer from your Checking Account via Split Categories into it or manually enter the information in the Cash Accounts. Question: thecreator suggests using cash accounts (no online services) and renaming them to match our funds. I believe that this is what I have done.so each of our fundssub-accounts corresponds to a unique cash account. The challenge with this approach is that Quicken doesnt see the difference between these cash accounts and a truly different account. I set this up once as a test at my previous church, but it takes a while to get used to, and to be honest I was not in a position to sell it to the Treasurer. Anyway, the sub-accounts you are referring to were restricted accounts in my old church. That is people could earmark their contributions to them for a stated purpose. The way I set it up was to create Liability accounts for each of the restricted funds, because they are effectively claims on the cash. Then when a weekly deposit was made from the member contributions that week it would be booked as a deposit to the checking account split between a general operating income account and the various restricted accounts as fund name which show up as increases to the liability accounts. Similarly if an expenditure was made from a designated fund the check would also be posted as a transfer from that fund, thereby reducing the liabiilty balance in that fund. Checks of an operating nature, ie not from the funds, are booked simpy as that, i.e. LIke I said, I never implemented this other than in a test file, so I welcome suggestions from you or others.
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