Fund Balance is out of balance
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Fund Balance is out of balance
According to the Balance Sheet report, our Fund Balance has been out of balance (always exact same amount) since before 2003. In other words, my assets minus liabilities does not equal the Fund Balance. How do I make an adjusting entry to correct this?
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Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
Do you just have one fund? Or do you have others? If you have more than one fund, the offsetting difference may be in one of your other funds. This condition is usually caused when balanced accounting entries aren't made within a fund. For example:
DR 01-1110-000 $100.00
CR 03-5116-000 $100.00
To correct the problem, find the unbalanced entries (or entries), reverse them, and then reenter as a balanced entry within the proper fund.
DR 01-1110-000 $100.00
CR 03-5116-000 $100.00
To correct the problem, find the unbalanced entries (or entries), reverse them, and then reenter as a balanced entry within the proper fund.