Starting Balance Entered in Wrong Fund

[sdw]

I mistakenly entered the building fund beginning balance under fund 01 instead of fund 02 when setting up the church accounts in the fund accounting module. How can I move the beginning balance of $318k from account 1220 in fund 01 to fund 02?

[NeilZ]

I mistakenly entered the building fund beginning balance under fund 01 instead of fund 02 when setting up the church accounts in the fund accounting module. How can I move the beginning balance of $318k from account 1220 in fund 01 to fund 02?

You will need to use the Transfer Accounts.

1. I'd transfer the current balance of the account from operations (01-1220) to (02-1220).
CR 01-1220-000 checking $318000
DB 01-9110-000 transfer-out $318000

DB 02-1220-000 checking $318000
CR 02-9210-000 transfer-in $318000

2. Then you will have to adjust the Net Equity accounts in the same way. Check the 1220 account using the Maintain Chart of Accounts to see what the closing account is. The default is usually 3110-000, so use the example above and substitute 3110-000 for 1220-000.

As usual, I suggest doing a backup before you enter these transactions so you can back out if the COA does not look right after you do this. Let us know how it goes.

[sdw]

It worked. Thank you