correction to a Jan09 post re temp restricted funds

[jorja920]

I am so new at PCP that it's embarrassing. I have found a Jan 09 entry for our Missions Dept. that I had not released the Temp. Restricted funds when making this payment. Short of having to make a reversing entry, how can I correct this and show the release of the missions restricted amount?

Here's another: When a reverse entry is entered and the Check Register by Fund report is run, I notice the totals for the deposit/check columns includes the reversed entry amounts. The Total Income/Expense is not correct because of these reverse entries. Is there an easy way to make this report show these reversed entries as negative to subtract instead of add in their respective columns?

[JohnDMeyers]

Making the release entry manually is not so bad.

You should have a specific release-income-account for your missions restriction (I'll use 4810 as an example), and a general-release-income account (usually the latter is 4999). I will assume your missions fund is fund 01, but you can substitute your 2-digit fund number for 01.

Release missions restricted income.
01-4810-000 DB $amount
01-4999-000 CR $amount

Even though you used the funds in January, and you are now in May, presumably, you can still post the release entry in May. The monthly reports for Feb, Mar, and Apl won't show the release, but your year-end reports will be correct.

Not sure about your second question.

An example of a reversal entry is when you spend $100.00 and want to show that you didn't spend it. Voiding a check is an example of a reversal entry.

If your income is $1000.00 and you spend $100.00, your income-over-expense is $900.00.

If you reverse the $100.00, your income-over-expense is back to $1000.00

So, one would expect that your income-over-expense will be different AFTER reversing an entry compared to BEFORE reversing the entry.

Your check register report will have a net change of 0.00 because you wrote a check, say for -100.00, and then voided the check +100.00.

You may be thinking that your expense account will have a net change of 0.00, which is true. However, your income-over-expense will change as I described above.

If that doesn't answer your concern, then I am not understanding you clearly.