User Support Forum

Is there a way I can manually release restricted funds via a journal entry. I know how to do it the correct way, but I need to make some adjusting entries.

Do I debit the restricted fund and credit the unrestricted net assets?

We just completed our FY 2006 (yes, I am late) compilation with a CPA. Our FY 2006 trial balance is out of balance as of 12-31-06. The amount out of balance is equal to the sum of funds that SHOULD have been released from restriction, but weren't. And, yes, the FY 2006 year is closed by virture of t...

Every year, we receive a donation for one of our minister's housing expenses. I have a temp. restricted account set up for this, and I write cut him a check using the proper expense and release accounts. My questions: Is is appropriate to budget for this income in the restricted income (10-4286-000)...

I changed the 10-4240 account to close to 10-3240. That now appears correct in the Balance Sheet reports. Please confirm this for me: The temp. restricted release accounts, which are numbered with the 48xx series, closes to unrestricted net assets, which is the 3110. The released from restriction ac...

I would first suggest looking at the posted Fund Accounting transaction, making sure the $10,000 posted to the right income account. The credit posting was made to 4240 account, which is the income account for this Temporary Restriction. The credit shouldn't be to the equity account (3240), should ...

The Changes in Equity report show Beginning and Ending Balances for the 10-3240-104 of $193.00.

Am I missing something between the 10-3240 and the 10-4240 accounts?

12/24/06 Contributions were collected and posted as follows: 10-1110 Main Checking Account DEBIT: $13,765.58 10-4030 Tithes and Offerings CREDIT: $3,765.58 10-4240 Temp. Restricted Account CREDIT: $10,000.00 When I run the balance sheet report, the 10-4240 shows a balance of $193.00 (which was accur...

Let me make sure I understand: ALL temp restricted accounts will close to the unrestricted equity account? None of my temp restricted accounts have beginning balances. Is it a matter of just assigning a beginning balance? OR, do I move money from a carry forward account to the temp restricted income...

Another question: The document to which you refer, "Accounting for Contributions" states that (on page 3), "The income account is setup to close to the equity account for this restriction." It also says, "This release account closes to the new equity account as well." It doesn't say anything about c...

I found out that ALL of my temp restricted accounts closed to the same equity account, rather than unrestricted net assets (equity).

I have changed that, so now how do I correct the entries to where there are no negative balances?

After running a "Balance Sheet" report, I noticed that I have two temporarily restricted accounts that show a negative balance.

1. How could this have happened?

2. How do I correct it?

Thank you!

I assume, then, that any surplus from one year is carried forward into the next year via a restricted account?

AND, it could be that we have surpluses every year, and so that restricted account grows and grows.

Am I thinking of this correctly?

Matt:

Why would I create a temp restricted account? The money isn't restricted. We can use the carry forward as necessary.

FS

What equity account currently contains the balance of the FY 2005 unspent funds? You would want to input an entry that debits this account and then credits the equity account "Carry Forward Prev Year". You do not need the income account 10-4030-001 since this income was received in a prior year. Si...

We have a sum of money that was not expended in FY 2005. The money is still in our bank checking account. I have some expenses in FY 2006 that I want to pay with FY 2005 left-over money. I have created an unrestricted income account labeled "Carry Forward Prev. Year" and the accounting number is 10-...