Basic Setup of PSA GAAP Compliance
- Each type of restriction needs a release account. Unrestricted, Temporarily Restricted, & Permanently Restricted. Please see the following articles for information on release accounts.
- Since dedicated accounts may not be used with the GAAP feature, you must transfer balances from the Dedicated Accounts using a journal entry and...
- 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
- Activate the GAAP function by going into Church Manager → Options and mark the GAAP Compliance Function option.
- Now that GAAP is turned on, you must set up your release account restrictions. See the following article: How to set release account restrictions
- (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."