Excess Amount in Release from Restriction Account

[RLM]

I have made a mistake in posting in prior years and $40 hanging out in my 02-4800-000 and I need help correcting this off-age. All donor restrictions for this particular restricted use money have been met.

This is what I see on a multi-year (02) BUILDING FUND Income/Expense Summary report:

TEMP RESTRICTED RELEASE 02-4801-000
Kitchen Renovation Rel 02-4821-101 (3,315.90)
RELEASED FROM RESTRICTION 02-4998-000
Released from Restriction 02-4999-000 3,355.90

Subtotal Release From Restrictions 02-4800-000 40.00

How can I clear this $40.00 amount?

[NeilZ]

I have made a mistake in posting in prior years and $40 hanging out in my 02-4800-000 and I need help correcting this off-age. All donor restrictions for this particular restricted use money have been met.

This is what I see on a multi-year (02) BUILDING FUND Income/Expense Summary report:

TEMP RESTRICTED RELEASE 02-4801-000
Kitchen Renovation Rel 02-4821-101 (3,315.90)
RELEASED FROM RESTRICTION 02-4998-000
Released from Restriction 02-4999-000 3,355.90

Subtotal Release From Restrictions 02-4800-000 40.00

How can I clear this $40.00 amount?

You'll probably have to do an Out of Balance (OOB) transaction. All you need is to enter OOB in the reference and the system will recognize it as a since account transaction. All you need to do is enter the debit or credit you need against the 02-4800 account to clear up that error.

I would definitely enter as much info in the note area of the transaction entry screen to so that any auditor would understand what you did.

[RLM]

Thank you Neil! I didn't realize that was an option. Obviosly one I should use with discretion.

[JohnDMeyers]

Some other ideas:
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Check you Balance Sheets on all of your Funds one-by-one. Make sure each one has "Assets" equal to "Liabilities plus Equity".

If you did this:
DB 01-4821-101
CR 02-4999-000

The balance sheet will show it.
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Run a trial balance for the multi-year period of your restriction. The bottom line should show if an OOB was done. Run a Journal Report over the same period. This also has a bottom line that needs to be in balance.
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Check other income accounts to see if you interchanged the digits or something.
DB 02-4128-000 unrestricted income
CR 02-4999-000 general release
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If I think of others, I will let you know.

[RLM]

I ran balance sheets for all four years (2008-2011) for all funds, they all balanced.
I ran journal entries for all four years for all funds, they all balanced.
When I added the OOB transaction for 31-Dec-2011 my trial balance is off $40 as well as my balance sheet. Is that expected or did I do something incorrectly?

OOB - one line transaction?

[NeilZ]

I ran balance sheets for all four years (2008-2011) for all funds, they all balanced.
I ran journal entries for all four years for all funds, they all balanced.
When I added the OOB transaction for 31-Dec-2011 my trial balance is off $40 as well as my balance sheet. Is that expected or did I do something incorrectly?

OOB - one line transaction?

The OOB is a one line transaction that will allow you to zero out the account, without changing any other account.

You did take a backup prior to posting that, right ?

[RLM]

I am working in a test instance..... backups have been made prior.

[RLM]

This is a transaction that appears to correct my error in 2010 with the 02-4222-101 account.

02-4822-101 DB Wall Hangings Rel $40.00
02-4222-101 CR Wall Hangings Inc $40.00

I noticed that when the transaction was made in 2010 this what it looked like:

02-1120-000 CHECKING CR $78.78
02-4222-101 Wall Hangings Inc DB $40.00 (should have been 02-4822-101 Wall Hangings Rel)
02-4999-000 Released from restriction CR $40.00
02-8510-000 Misc Expense DB $13.06
02-8512-000 Wall Hangings Exp DB $65.67

Will the above transaction in 2011 work?

[JohnDMeyers]

I can't wrap my head around this to know if it will work, or if you need to directly alter the equity account.

Make a backup and try your transaction. That would be the easiest way to tell. If things come out right, you're done.

Otherwise, restore the backup and try this:
DB 02-3110-000 $40
CR 02-3821-101 $40 (or whatever your restricted equity account is)