change starting balance

[MaryNix]

Hello,
How do I change the beginning balance? The beginning balance is currently at 0.00, but we had a balance in the bank account.

Thanks,

~ Mary

[JohnDMeyers]

To add $1000 checking beginning balance:

DB 01-1110-000 checking $1000
CR 01-3110-000 unrestricted net assets $1000

Note: Adding a beginning balance is one of the few places where it is "ok" to directly transact the equity section.

[MaryNix]

That gets us on the right track. Here's my other issue, I have the following information showing up in the reconciliation window:

Adjusted Bank Balance: $12,150.35
Account 1110 Balance: -$1,872.03
To Balance: $14,022.38

I know we have a 0 beginning balance and that we've accounted for the two outstanding checks which did not clear. I'm not sure which of these numbers I need to use to set the correct beginning balance and which accounts get DR/CR to set our checking account's beginning balance.

[JohnDMeyers]

DB 01-1110-000 $14,022.38
CR 01-3110-000 $14,022.38

It's a good thing my CPA isn't watching.

[MaryNix]

Well, I thought we had entered the first example with our amounts, but I guess not! The 2nd time was the charm Thanks for your assistance

~ Mary

[Jesjul]

Hi,

I just started with the fund accounting. I am not balanced with the bank reconciliaition and what i did was reverse the opening balance and entered it again. so i have a bigger difference now, i tried deleting the old data but it seems it was not deleted. What should i do nowÉ Should i restart accounting setup´

Thank you so much.

[JohnDMeyers]

I quite often make a transaction in the "wrong direction" making the error twice as big.

There are two ways to resolve this. One is to use View Posted Transaction and the REVERSE TRANSACTION button, which enters a new transaction to counteract the wrong one. Go to Fund Accounting / View Posted Transactions, locate the wrong transaction in the window, and at the bottom-left you will see a REVERSE button. Then, you can enter the correct transaction. (this takes two steps).

Or, you can simply enter a new transaction with the amounts doubled, and the DB and CR reversed. (this takes one step, but it is not as clean if you like a clean audit trail).

So, for example, if you make this wrong transaction:
DB 01-1110-000 checking $100
CR 01-3110-000 equity $100

You can double the amounts and reverse the order:
CR 01-1110-000 checking $200
DB 01-3110-0000 equity $200

[Jesjul]

Hi,

Can you help me, i have these amounts:

Bank statement balance 19508.19
16-outstanding cheques 14656.57
10-outststanding deposits 34164.86

adj. bank balance 39016.38
acct 1110-bal 19508.19
to balance 19508.19

the beginning balance is o.oo but i entered
1110 checking 15678.14
3110 unrestricted 15678.14

thank you so much.

[JohnDMeyers]

The first thing I see is that you are off by exactly two times the correct balance.

$19508.19 is the amount you are trying to reconcile to, and you have
$19508.19 x 2 = 39016.38 in your 1110 account.

I cannot figure out what you did with the 15678.14, because that does not seem to have anything to do with your being off by precisely 2x.

If you made the 15678.14 after reporting these other numbers, then you should probably reverse the transaction and try to see why you are off by 2x.

[Jesjul]

Hi again,

I restarted the accounting set-up and these are the new figures:

bank sstatement balance 19508.19
outstanding cheques 0.00
outstanding dep o.oo
adj bank bal 19508.19
acct 1110 bal 15678.14
to balance 3830.05

the 15678.14 is the beg balance of the bank and the 19508.19 is the ending balance. what do i do nowÉ what entry should i make.

there is also a system generated amount of 12499.66 that says total of accounts set to close to this account. what is this.

[Jesjul]

hi,

i run the income and expense summary and the income is the bank interest that is why there is a negative amount of 12699.66. how do i enter the deposits so it will be included in the income side. right now, my entries are:

checking account 1000dr
unrestricted net assets 1000 cr

thank you so much.

[JohnDMeyers]

This is a transaction to enter a beginning balance.
checking account 1000dr
unrestricted net assets 1000 cr

This is a transaction to enter income
checking account 1000dr
income account 1000 cr

The [system generated] amount is the net of income minus expenses that will take place when you close the last month of your year.

Your negative 12,699.66 means that the net of income minus expenses is 12,699.66.

I don't think I can help much with the reconciling of the bank account without seeing all the figures.

[Jesjul]

For contributions deposits,

the entry should be:

checking 1000
tithes 700
youth 100
offering 100
ladies 100

is this correctÉ

[JohnDMeyers]

DB checking 1000
CR tithes 700 (income account)
CR youth 100 (income account)
CR offering 100 (income account)
CR ladies 100 (income account)

Just to clarify. These are correct.

[Jesjul]

Hi,

I did the entries for the contribution income and the income and expense statement is now ok. still had a problem with my bank reconciliation though.

i am not sure if i did it right, i entered during the acctg setup the current balance of 15678.14 as the beginning balance also from bank coz we do not have runnning balances of the previous year for the outstanding. and i also entered dr checking 15678.14 and cr unrestricted 15678.14 for the beg balance during the working month of jan. i think i doubled the entry mof the opening balance.