Adjustment to Fund Balance
Moderators: Moderators, Tech Support
Adjustment to Fund Balance
What is the proper way to adjust the fund balance when your assessts - liabilities do not = fund balance? Is it safe to assume that I would manually figure out my fund balance by reviewing the balance sheet report and using the total assessts and total liabilities listed on the report? Thank you.
Barbara P
-
JohnDMeyers
- Posts: 1338
- Joined: Sun Oct 07, 2007 9:50 am
- Location: Potsdam, NY
- Contact:
Re: Adjustment to Fund Balance
Most likely you made an entry that debited one fund and credited another fund.
If that is the case, there should be another fund that is out of balance by the same amount.
Check all of your balance sheets for each fund and see if you can locate the problem.
If that is the case, you can simply reverse the entry that created the problem, and you will straighten out two funds with one reversal entry.
If that doesn't turn up the problem, run a balance sheet as of last month, then the month before, etc. and see if you can determine what was the last month where things were ok. That will help locate the problem.
Let me know what you find.
If that is the case, there should be another fund that is out of balance by the same amount.
Check all of your balance sheets for each fund and see if you can locate the problem.
If that is the case, you can simply reverse the entry that created the problem, and you will straighten out two funds with one reversal entry.
If that doesn't turn up the problem, run a balance sheet as of last month, then the month before, etc. and see if you can determine what was the last month where things were ok. That will help locate the problem.
Let me know what you find.
You can watch my PowerChurch tutorials now on YouTube!
Visit http://www.youtube.com/user/EmpowerYour ... ture=watch
Visit http://www.youtube.com/user/EmpowerYour ... ture=watch