Transferring from savings to checking

[PLitada]

In September I transferred money from the church checking account to the savings account. Upon further reflection, this month, I realize that I did not transfer said funds properly. Some of the money was for Women's Ministries and some for the General Fund. I 've already closed out September so I'm not sure how to correct my error. I need to transfer it back into checking and than re transfer it back to savings using the right fund accounts. I am at a loss and any help would be greatly appreciated. Thanks!

[NeilZ]

In September I transferred money from the church checking account to the savings account. Upon further reflection, this month, I realize that I did not transfer said funds properly. Some of the money was for Women's Ministries and some for the General Fund. I 've already closed out September so I'm not sure how to correct my error. I need to transfer it back into checking and than re transfer it back to savings using the right fund accounts. I am at a loss and any help would be greatly appreciated. Thanks!

First off ... if you have version v10 or higher, you can have up to 18 months open at any one time. You should change your Accounting Settings under Preferences to 18 months open this way you won't have to worry about 'closed months' within a current fiscal year.

That said, not knowing how you have your system setup, its hard to give you advice.

Are the checking and savings accounts in the same Accounting Fund? It sounds like you have separate Accounting Fund for Women's Ministries, is that right?

As you can tell, we need more info.

[PLitada]

In September I transferred money from the church checking account to the savings account. Upon further reflection, this month, I realize that I did not transfer said funds properly. Some of the money was for Women's Ministries and some for the General Fund. I 've already closed out September so I'm not sure how to correct my error. I need to transfer it back into checking and than re transfer it back to savings using the right fund accounts. I am at a loss and any help would be greatly appreciated. Thanks!

First off ... if you have version v10 or higher, you can have up to 18 months open at any one time. You should change your Accounting Settings under Preferences to 18 months open this way you won't have to worry about 'closed months' within a current fiscal year.

That said, not knowing how you have your system setup, its hard to give you advice.

Are the checking and savings accounts in the same Accounting Fund? It sounds like you have separate Accounting Fund for Women's Ministries, is that right?

As you can tell, we need more info.

I'm sorry. I wasn't very good at explaining myself. I did not close out September but I did do the reconciliation. Is it possible to go back into September and do the correct transaction?

Although we have one bank account, the Ladies Ministries does have their accounting fund.

I am on Version 11.5. Not sure if you need anything else from me.

[NeilZ]

In September I transferred money from the church checking account to the savings account. Upon further reflection, this month, I realize that I did not transfer said funds properly. Some of the money was for Women's Ministries and some for the General Fund. I 've already closed out September so I'm not sure how to correct my error. I need to transfer it back into checking and than re transfer it back to savings using the right fund accounts. I am at a loss and any help would be greatly appreciated. Thanks!

First off ... if you have version v10 or higher, you can have up to 18 months open at any one time. You should change your Accounting Settings under Preferences to 18 months open this way you won't have to worry about 'closed months' within a current fiscal year.

That said, not knowing how you have your system setup, its hard to give you advice.

Are the checking and savings accounts in the same Accounting Fund? It sounds like you have separate Accounting Fund for Women's Ministries, is that right?

As you can tell, we need more info.

I'm sorry. I wasn't very good at explaining myself. I did not close out September but I did do the reconciliation. Is it possible to go back into September and do the correct transaction?

Although we have one bank account, the Ladies Ministries does have their accounting fund.

I am on Version 11.5. Not sure if you need anything else from me.

Since you have September open, you can open the View Posted Transactions and find that original transaction and REVERSE it, which will create the transaction to put everything back the way it way. You would then create a new transaction, date it in September, and the system will put it in the correct month.

In order to transfer the funds you will need to use the transfer accounts (9000 accounts) to move the funds.

My advice is, do a backup first, then do the reversal, create the new transaction, then post it. It should be correct. However, if it still doesn't turn out right, you have the backup you can revert back to.

Hope this helps.

[PLitada]

That helps!

One more question, once I do the correction, do I need to reconcile September again?

Thank you so much for your help!

[NeilZ]

That helps!

One more question, once I do the correction, do I need to reconcile September again?

Thank you so much for your help!

Well ... here's the question, the exact same amount was moved? Your checking account is only going to show that the same amount was moved. I don't see a need to redo the reconciliation.