Closing/Deleting Funds

ETBGM · Post by **ETBGM** » Thu Jan 20, 2005 9:17 pm

I would like to close some funds that are no longer used, however, there have been transactions posted in Dec., which is still open. I understand I need to close the month before I can delete the funds. What I need to know, is how to transfer the monies in each fund to the new fund so that the Trial Balance and Fund Balances are correct.

Thanks

Randy B · Post by **Randy B** » Fri Jan 21, 2005 7:52 am

When you close a fund, you want all the balance sheet account to equal zero. To close a fund you generally debit the asset of the fund you want to move the asset to and credit the asset of the fund you are moving the asset from. Depending on how you have your fund transfer accounts set up, you will also have to debit and credit these accounts. You are generally going to debit the account of the fund you are tranfserring from and credit the account of the fund you are moving assets to.