User Support Forum

I have a weekly payout from one of my restricted funds. Last month I processed a check for the 'usual' amount. A week later I get a note with a 'refund'. Apparently they didn't use as much that week. So, I have a transaction that says I paid out $150 from this restricted account, but they actually only used $148. I have a receipt for $148 and a check for $2 to 'put back' into the restricted account...

I was thinking to
1) leave the transaction as it is (it's already posted in fund accounting) and just deposit it into the restricted fund at the next offering. Would this work? OR,
2)do I have to reverse the A/P transaction of $150 (can I do this even after it has been posted in Fund Accounting?), and generate a manual check with the same check number for $148 and then make an offering deposit of $2 to the restricted account?

Option 2 seems like so much to do for $2..but if it's what needs doing to keep the numbers balanced, then so be it. They need to pay at the time of service so processing afterwards doesn't work for this transaction, and using a credit card is not a good option.

LizAA wrote:I have a weekly payout from one of my restricted funds. Last month I processed a check for the 'usual' amount. A week later I get a note with a 'refund'. Apparently they didn't use as much that week. So, I have a transaction that says I paid out $150 from this restricted account, but they actually only used $148. I have a receipt for $148 and a check for $2 to 'put back' into the restricted account...

I was thinking to
1) leave the transaction as it is (it's already posted in fund accounting) and just deposit it into the restricted fund at the next offering. Would this work? OR,
2)do I have to reverse the A/P transaction of $150 (can I do this even after it has been posted in Fund Accounting?), and generate a manual check with the same check number for $148 and then make an offering deposit of $2 to the restricted account?

Option 2 seems like so much to do for $2..but if it's what needs doing to keep the numbers balanced, then so be it. They need to pay at the time of service so processing afterwards doesn't work for this transaction, and using a credit card is not a good option.

FWIW .. in Option 1, you would not put this in the offerings, as its already been declared as a contribution once, and in Fund Accounting, its already been declared as income.

Option 2 is also not a good way to do this, as they cashed the check for $150. When you go to reconcile, your total cleared check amount is going to be off by $2.00.

What I'd do is this, and before you do this backup the accounting files, as I have not tested this, but the logic should work. However, having the backup to restore if the numbers don't work out is a good thing

1. Deposit that $2.00 SEPARATE from the normal offering deposits. Yes, you're going to create a deposit slip for a $2. check, but you have to track this separately due to the next step.

2. I would just create a manual check, based on the accounts used in the original check. For the check number, I would just enter something like REFND-17/02 I'd also add the day if it fits, but I don't think it will.

Then if the original check CREDITED the account for $150, on the manual check you would DEBIT that account for $2. If the account DEBITED for $150, you would CREDIT that account for $2.

Since you said it was a donor RESTRICTED account, you would do the same for that restricted income account, and the associate release account. If the account was debited for $150, you'd credit for $2, and vice versa.

I'm fairly sure this will then result in this transaction appearing in with the DEPOSITS on the Reconciliation function, thus needing a separate $2.00 deposit to have the system reconciliation jive with the bank statement.

Does this help ??