Forgot to release restricted funds

[FBCVandalia]

I'm ready to close my fiscal year in the Fund Accounting Module and so far I have found two problems:
1. On a few of the temp. restricted income accounts I forgot to release the funds.
2. When I set up the accounts for the temp restricted equity accounts - i showed a balance when I should not.

I need to correct these account balances.
To correct the Temp restricted accounts I would make the following transaction:
Debit 01-4830-106 Food Pantry
Credit 01-4999-00 Release from Restricted
Is this correct?

To correc the beginning balances in problem #2, I would:
Debit 01- 3110
Credit 01-3230-106 Food Pantry
Is this correct?
Thanks for reviewing this.
Pamela Shaw, Church Treasurer
Using Power Church Pro 11.5

C

[JohnDMeyers]

Debit 01-4830-106 Food Pantry
Credit 01-4999-00 Release from Restricted
Is this correct?

This is correct. This will also have an effect on equity. I would do this transaction first. After you post this transaction, run a Balance Sheet report. If your restricted equity balance still isn't what you expect, then you can transact it directly, which I would only recommend as a last resort.

If you are truly correcting a beginning balance issue, then transacting the equity account is the proper way to proceed, by the way.

Debit 01- 3110
Credit 01-3230-106 Food Pantry

When you Debit an equity account, the amount in that account decreases. Keep that in mind.

Are you trying to increase or decrease the amount in 3110?

[FBCVandalia]

I'm trying to correct the beginning balance of the restricted equity account. How would I do that?

[JohnDMeyers]

Let me work through an example so that you can try to line up your experience with this general example.

If in 2011, $1,000 can in as Food Pantry restriction, then it would look like this:

Income and Expense 1/1/2011 - 1/31/2011
..Temporarily Restricted Income
....Food Pantry $1,000

Balance Sheet 12/31/2011
Equity
..Temporarily Restricted Net Assets
....Food Pantry $1,000

and nothing is spent in 2011. After closing 12/31/2011 into 1/1/2012 you would see this:

Income and Expense 1/1/2011 - 1/31/2011
..Temporarily Restricted Income
....Food Pantry $0

Balance Sheet 12/31/2011
Equity
..Temporarily Restricted Net Assets
....Food Pantry $1,000


That's how it should look. In 2012, if you find out that $200 was supposed to designated for Food Pantry, and it wasn't, then this would be the correct transaction:
DB 01-3110-000 Unrestricted Net Assets $200
CR 01-4830-106 Food Pantry Restriction $200

If you find out that $200 too much was restricted, do this:
CR 01-3110-000 Unrestricted Net Assets $200
DB 01-4830-106 Food Pantry Restriction $200