QB Reporting of SPFund contents  0672-02  ZZqbb

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                            TO:  Interested Ministries                                                                               FROM: Jim Bramer, Retired CPA-Auditor
                                                                                                                                                          FILE:  0672-02/qbb

                             RE:  QB reporting of SPFund contents                                                    Originated:  March 2000                                                     


           Below is a hypothetical Online Email thread (THRD) between any of the following MFTeam members: PAT (Ministry Chief Executive), LEE: (Ministry Volunteer Treasurer), or FRAN: (Ministry Computer Bookkeeper) and   Jim@bcidot.org    Click here and go to List of threads (THRDs) at www.bcidot.org


FR FRAN:

            Hi, Jim, trust all is going well. Again we appreciate you helping us get
QuickBooks � (QB) going in our medium sized Church.
             My needs now are providing QB financial reports for various people here.  First, we need reports to those in charge of various restricted funds ..... like the Missions department.

FR JIM:

        OK, Fran. As I remember you are using our recommended QB Fund Accounting system via Method One where Special Purpose Funds - SPFunds - appear as QB Equity accounts. 
      Below is an example of a QB report showing the activity within a SPFund.  Or it provides the essence of "what did this SPFund start with" on such and such a date and "how much" came in and went out during that period of time and "how much" does it now have. 

3051-AA-Donor Restriction

   Date

       Name

    Memo

    Class

Debit

Credit

Balance

05-13-x2

See DonaMail of today

Weekly Deposit

01-Donations

$2,000

$12,000

05-13-x2

Travel Agency

Trip Expenses

33-Tvl Exp

$2,322

$ 9,578

05-15-x2

Mission Organization

Grant

40-Grant Exp

$7,500

$ 2,178

05-19-x2

XYZ Vendor

Proj Expenses

60-Supp&Exp

$4,892

$ (2,714)

05-20-x2

See DonaMail of today

Weekly Deposit

01-Donations

$6,344

$ 3,630

05-22-x2

ABC Vendor

Proj Expenses

60-Supp&Exp

$ 130

$ 3,500

    Initially the reader will need some explanation helps. For example, you will need to educate them that the "Debit" columns equals Expenditures and the "Credit" columns equals Revenue. And in the "Balance" column, brackets (see $ (2,714) above) means that the SPFund is overdraft, etc. Additionally, this report provides the necessary horizontal info re date, name/payee, memo (plus class if needed) as originally entered into to QB system.
        You'll remember that as a part of our  QB101  we have provided you with a MinFinSam QB file. In order to set up these reports, please go there and do the following and you will produce virtually the above report sample.

  • Go to the Chart of Accts and highlight an Equity account (SPFund # 3051);

  • Click on "Reports" at the bottom of the screen;

  • Choose "Quick Reports."; 

  • Then customize what pops up on the 'what you want to report' screen;

  • Be sure and include the debit, credit and balance options; 

  • Insert applicable inclusive dates;

  • You may want to include the Class info ... you'll remember Classes are used for generic types of reasons
    why the SPFund Changed. 

  • And produce this report.

   Notice this report shows accumulated balance forward in the "Balance" column as of the beginning inclusive date.
    "Quick Reports" can be produced and memorized for all applicable SPFunds (QB Equity Accts) needing such a report. Remember, it can be produced for any period of this year or last year, etc ..... fiscal year aspects are irrelevant.

    Let us know if you need some help in setting these up.


       Please Click here for more topics having to do with the use of "QuickBooks and Ministry Fund Accounting"  on www.bcidot.org.  The bulk of this Publication originated in March 2000 and was     UPTD: June 04, 2010     

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