[GNC] New user - anyone else using GnuCash for PCC (church) accounts? Advice?

[will at theprescotts.com]

The group I keep books for has a policy of only accepting restricted or directed donations in the case where the donation is very large. Large in our case is over $10,000 or $20,000 Mexican pesos, $500 or $1000 US dollars. So far we have not had to deal with any. We have had a couple of donations of that size, but they were not restricted.l

Will

On 2020 Sep 20, at 09-20 03:41:05, Chris Green <cl at isbd.net> wrote:

On Sat, Sep 19, 2020 at 03:10:51PM -0400, Michael or Penny Novack wrote:
> 
> 
>> The "restricted account" you are referring to is probably a "fund". Monies
>> collected for a specific purpose and meant to be used for that specific
>> purpose only.  These are accounts that need to be kept in the Equity
>> section.
> 
> Actually, there are SEVERAL ways restricted funds may be accounted for.
> 
> A lot will depend on the answer to two questions.
> 
> a) Do these funds have their own bank accounts?
> 
> b) What are the rules of your jurisdiction as to how restricted funds should
> appear on the balance sheet.
> 
> Those answers will determine what options remain for accounting for
> restricted funds.
> 
Yes, OP here, with a few more weeks of knowledge/experience gathered
from here and elsewhere.

Restricted funds are a can of worms! ... a complete and utter pain.
There are also 'designated' funds which are not quite so restricted.

Our church/PCC really only has one restricted fund, the fabric fund,
so it's relatively easy to handle by having a separate bank account
for it.  We also tend to put funds designated for the building into
the same fund, this isn't strictly correct but for the very small size
of our church/PCC it makes sense.

If one has a lot of separate restricted and/or designated funds it
must be very difficult to keep track of them all.

-- 
Chris Green
_______________________________________________
gnucash-user mailing list
gnucash-user at gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.