How Do You Reverse or Correct Asset Entry

[PVCC]

It seems previous bookkeeper created asset/checking account entry for restricted fund without corresponding income entry. I do not do setup, but it seems this would be possible because an asset can be something other than cash. Money was actually posted in general fund checking and needs to be transferred. I think a restricted fund was created by simply entering beginning balance of the asset account.

Beginning Activity Shows, e.g.:

Fund 65-1110-000 $100.00 DB-beginning balance- "checking"
Fund 65-3110-000 $100.00 CR-system generated beginning balance equity
(several entries and accounts later this seems to be the corresponding credit)

No posting entry to reverse/correct- Need to assign the 100.00 to income.
How do you correct a beginning balance with a system generated credit that needs to be moved to income?

I think this is what happened - trying to assist new staff

BTW, John if you read this thanks for response to previous questions, been swamped

[JohnDMeyers]

The [system generated] entry in the equity account is there because of an entry already in an income account.

In other words, if you did this:
DB 65-1110-000 checking $100
CR 65-4110-000 income $100 <-closes to 65-3110-000

PowerChurch would automatically create this:
65-3110-000 equity [system generated] $100 (future credit)

I would suggest you look through your income accounts for a $100 entry.

And I saw the "Thank You" note. You are welcome!

[PVCC]

Nevermind ran the activity to include previous year. That's where the "100.00 dollars" is, but the issue wasn't the 100.00 per se. I thought most of the money had been spent the previous year. The fund was for Christmas Food Boxes for the needy - over 600.00 was collected in 2010, but the system is only showing 38.93 was spent . . . we sure fed a lot of people on 38.00 dollars - I guess he does feed the 5000 on five loaves and two fish . . . that's what baffled me at first because I know we fed a bunch of needy people this past Christmas, yet the income didn't support the expense, but only because there was indeed a balance forward . . . just need to be sure that general fund wasn't incorrectly posted or used in the previous year. . . or perhaps cash was used

Thanks again, John

PS There was a lot of data entry going on in 2010 because we were merging two accounting systems . . . The bookkeeper asked if there was a way to look up data entry in a month that was closed, e.g. December 2010?

[JohnDMeyers]

You can run an Account Activity report or Journal Entry report for a prior date up to several years back. Not sure how many. As long as information was put in there to begin with.

[PVCC]

Thanks John . . .Found the error back in Dec 2010 by running the report. Couple things added to error: reentering data to merge with previous system in 2010, since the youth pastor used his ATM person thought expenduture was for Youth Christmas party -so expense was posted to the youth and not food basket drive . . .will verify with receipts . . .Looks like the Youth will get back a bunch a money about 500.00 bucks . . . maybe they could throw a party.