Fund Transfer Effects on Income & Expense & Changes in Equit

[newlifebaptist]

In 2014 I made the mistake of entering a transfer from Savings to Checking as a contribution instead of a fund transfer. I made the JE to reverse this and correct it, but it has effected the income for March on the Income and Expense and Changes in Equity reports because it is not showing up in the general fund now. I am not sure how to correct this. I have attempted to locate the information in the manual, but have been unsuccessful. I have only been using PowerChurch for about 1 1/2 years and still do not know all the ins and outs of it.

[wms7328]

I'm assuming that you have already closed the 2014 year since you reference the month of March. When you reversed the original transaction, the reversal reduced the contributions at the time you posted the reversal since the original was recorded as a contribution, which will change the fund balance. Since the original transaction reduced the amount in savings and increased the amount in checking, it really had the desired effect. Possibly the best solution would be to just let the original transaction stand for 2014. You can reverse the reversal that you recently made and it will put things back to what they were before.

Unless I have misinterpreted your problem, then what you have in 2014 will have to remain since that year is already closed, I assume. If you have not closed the 2014 year you can go back and post the reversal in 2014 and then enter the correct transaction for 2014.

Let me know if this does not solve your problem.

[NeilZ]

I see you have a workable answer, but this does show why the Powerchurch techs recommend (and I often repeat this advice) to set your accounting system to have 18 months open at any one time.

This does allow you to correct any errors found in the previous year well into the current year. This setting has to be adjusted by a Powerchurch admin, and can be found under the File -> Preferences -> Funds Accounting menu.