Correcting a check posted in the prior year
Posted: Mon Aug 07, 2023 2:53 pm
Hello!
I am a newbie to PowerChurch and doing correcting journal entries in fund accounting.
I'm struggling on how to correct a check that was posted in error as follows. Account 1110 is the bank account. I need to redistribute $2,468 between 01-1110-000 and 04-1110-004.
Dr. Cr.
01-1110-000 8,867
01-6702-000 6,399
04-3448-004 2,468
It should have posted as follows:
01-1110-000 6,399
04-1110-004 2,468
01-6702-000 6,399
04-3448-450 2,468
I tried reversing the original entry, but always get an out of balance error. That makes sense because it wouldn't balance.
Do I void the check and then do a journal entry to make the distribution is correct?
Thank you,
Maurice
I am a newbie to PowerChurch and doing correcting journal entries in fund accounting.
I'm struggling on how to correct a check that was posted in error as follows. Account 1110 is the bank account. I need to redistribute $2,468 between 01-1110-000 and 04-1110-004.
Dr. Cr.
01-1110-000 8,867
01-6702-000 6,399
04-3448-004 2,468
It should have posted as follows:
01-1110-000 6,399
04-1110-004 2,468
01-6702-000 6,399
04-3448-450 2,468
I tried reversing the original entry, but always get an out of balance error. That makes sense because it wouldn't balance.
Do I void the check and then do a journal entry to make the distribution is correct?
Thank you,
Maurice