out of balance beginning balances

[ellenmykkanen]

I've submitted this question before several months ago, but couldn't find the post to add this to the end. We have an old Accounting Fund that was set up with beginning balances that were out of balance by the amount in Retained Earnings $2200. I don't know how they were able to set it up this way, but it's the first year we have the Fund in Powerchurch. When the fund was cleared out, the checking account was credited and all of the other accounts were debited to move the money into another Accounting Fund. The only thing left was the $2200 in Retained Earnings. I thought it might have come from a prior year, but the fund did not have any income or expense accounts, only assets and liabilities. How can I get rid of the $2200 or transfer it to another fund without leaving a balance in any account in the fund that is no longer used? I can send you a pdf of the first Trial Balance for the Fund if that would help.
Thanks, Ellen

[NeilZ]

I've submitted this question before several months ago, but couldn't find the post to add this to the end. We have an old Accounting Fund that was set up with beginning balances that were out of balance by the amount in Retained Earnings $2200. I don't know how they were able to set it up this way, but it's the first year we have the Fund in Powerchurch. When the fund was cleared out, the checking account was credited and all of the other accounts were debited to move the money into another Accounting Fund. The only thing left was the $2200 in Retained Earnings. I thought it might have come from a prior year, but the fund did not have any income or expense accounts, only assets and liabilities. How can I get rid of the $2200 or transfer it to another fund without leaving a balance in any account in the fund that is no longer used? I can send you a pdf of the first Trial Balance for the Fund if that would help.
Thanks, Ellen

There is a way around this, but this should not be done as a regular action, only in such cases as this.

However, what bothers me is that there were 'Retained Earnings' in the first place that were not linked to a Net Assets account in some way, either in an unrestricted or restricted net assets account. Before you proceed, make sure that there is no balances showing in any of the net asset accounts connected to that Accounting Fund.

However, to try to fix this.

1. Do a backup of the accounting files using the Powerchurch backup.
2. Go into Funds Accounting and create a transaction to debit (credit??) the account however, enter OOB in the Ref/Check No block. The system will recognize this and not require a balancing transaction.
3. Post that transaction, then check all the reports to see if that clears up the issue. If not restore the files you backed up.

Either way, let us know what happens.