Basic Setup of PSA GAAP Compliance

1. Each type of restriction needs a release account. Unrestricted, Temporarily Restricted, & Permanently Restricted. Please see the following articles for information on release accounts.
   • What is a release account?
   • How to set up release accounts which includes sections on "How to add a release account to your chart" and "How to designate an account as a release account."
2. Since dedicated accounts may not be used with the GAAP feature, you must transfer balances from the Dedicated Accounts using a journal entry and...
3. Archive the Dedicated Account: Pull up the account and mark the archive option at the bottom then click Submit.
   
   If you receive an error click the following link to learn how to resolve it: How to archive an account
4. Activate the GAAP function by going into Church Manager → Options and mark the GAAP Compliance Function option.
   
5. Now that GAAP is turned on, you must set up your release account restrictions. See the following article: How to set release account restrictions
   
6. (Optional) Using the Projects feature in the software allows you to produce reports and track amounts similar to how the dedicated accounts functioned. Projects can track the " fund balance."
   • Set up Projects to keep track of restricted funds
     • A Project must be created for each dedicated account,
     • a beginning balance must be entered
     • How to generate a report which lists Projects and Project Groups
     • Project FAQ's

Updated December 02, 2024 16:27