Multiple Funds

[bhoerr]

does anyone have experience with moving from many funds back to one fund?

The board does not like the confusion that this has created.

I need to revert to our original set up.

Thanks
Becky

[NeilZ]

does anyone have experience with moving from many funds back to one fund?

The board does not like the confusion that this has created.

I need to revert to our original set up.

Thanks
Becky

Kinda weird .. how many funds are you using, and what are they for ?

[bhoerr]

1 Gen Fund
2 Missions
3 Designated
4 Thrift shop
5 day care
6 college
7 rental
8 cafe

[Matt]

If you are using the accounts in these funds across multiple accounting funds you will probably need to keep the separate funds, especially if this applies to a lot of accounts. However, if the accounts being used in each accounting fund are unique to that fund you can likely consolidate these into the General Fund. Run the Chart of Accounts Fund Comparison report in Fund Accounting to see which accounts are being used across multiple funds.

If you do decide to consolidate some or all of these accounting funds into the General Fund you will need to set up new accounts in the General Fund as needed and then input adjustments in Fund Accounting to transfer the balances. You can then deactivate the accounts in those accounting funds.

[bhoerr]

Thank you Matt.

What type of adjustments will I need to make?

Becky

[Matt]

Before doing the following recommend that you do a backup.

To determine the adjustments that will need to be made, run the current month Trial Balance report for the accounting fund that you want to close out. When running the report uncheck the "Include Zero Balance Accounts" checkbox. This way, you will only see the accounts that have balances in them that need to be moved. Then, you will need to do the following sets of entries in Fund Accounting:

1). Old Fund:

Debit all revenue accounts
Credit all expense accounts
Debit/Credit the difference to the applicable Fund Balance accounts

Debit all liability accounts
Credit all asset accounts
Debit/Credit the difference to the applicable Fund Balance accounts

2). New Fund

Debit the expense accounts
Credit the revenue accounts
Debit/Credit the difference to the applicable Fund Balance accounts

Debit the asset accounts
Credit the liability accounts
Debit/Credit the difference to the applicable Fund Balance accounts

Recommend that you input these entries but do not post. Then, run both the Balance Sheet report and the Income and Expense Statement report for both Funds. When running the reports check the "Include Unposted Transactions" and "Print Account Numbers" checkboxes. If the entries have been input correctly there should be no balances on both the Income and Expense Statement and the Balance Sheet reports for the old fund. On the new fund verify that the postings on both reports have worked as intended. Once you have verified everything looks ok you can post the entries.

I should also add that once you have closed out the old accounting fund you will need to run the Account Dependencies Report in Fund Accounting for the old fund and change the accounts on all the items listed to accounts that are in the new fund.

Also, run the Chart of Accounts report for the old fund once you have changed all of the accounts on the Account Dependencies Report. Check the "Active Accounts Only" checkbox when running the report. Then, go into Maintain Chart of Accounts and inactivate all of the "Detail" accounts.

Doing both of these steps will prevent future transactions from inadvertantly posting to the old fund.

[bhoerr]

Thank you so much for your help.

Becky