In an attempt to clean up years of bad input, we have just upgraded from version 10.4 to 11.5. My question is.....
Over the past years (at least 6, probably more), our accounts have not been closed at the end of the year. To add injury to insult, funds have been created and used that should not have been. For example, we have a fund account 02-3001 which is weekly donations. Someone created it in error confusing it with our contribution fund account number which is 02. Now we have a CR balance of $720,000 in our trial balance report. I know I have to debit that amount to zero the balance in this fund, but where do I take it from?
All help is greatly appreciated.
Chris
Correcting Trial Balance
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Matt
- Authorized Teaching Consultant
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Re: Correcting Trial Balance
If you run the Trial Balance Report for just Fund 02, are the debits and credits equal (i.e the "Fund 02 Totals" line at the bottom of the report shows zeros in all 3 columns)? If so, the debit offset for the $720,000 has to be sitting in one or more of the accounts shown on the trial balance--most likely in the checking account. However, if it is in the checking account, in addition to inputting an adjustment to clear the amounts out of Fund 02, you will need to create an offsetting entry in one of your other accounting funds in order for the debits and credits to the checking account to net to zero.
Also, the fact that you have an account 02-3001 tells me that the current chart of accounts you have was converted at some point in the past from a version of PowerChurch prior to version 9. Version 9 completely revamped the Fund Accounting module and the logic for setting up the Chart of Accounts when there were multiple accounting funds. If your Chart of Accounts is in as bad of shape as you seem to indicate, you may want to consider doing a restart of Accounting. Doing a restart will wipe the records clean and allow you to have a fresh start. Before doing a restart though, be sure to make a permanent backup of your files and store the backup in a safe place.
Also, the fact that you have an account 02-3001 tells me that the current chart of accounts you have was converted at some point in the past from a version of PowerChurch prior to version 9. Version 9 completely revamped the Fund Accounting module and the logic for setting up the Chart of Accounts when there were multiple accounting funds. If your Chart of Accounts is in as bad of shape as you seem to indicate, you may want to consider doing a restart of Accounting. Doing a restart will wipe the records clean and allow you to have a fresh start. Before doing a restart though, be sure to make a permanent backup of your files and store the backup in a safe place.