reclass maybe?

[whfpc]

I have a couple of training invoices which were charged to misc computer and should be charged to the Finance Director salary (maybe? can we do this? The Finance Director left in May and was replaced in August, we want the funds used to train the new Director charged to Finance since we have money in that fund because we did not have payroll for that position for a few months), if this is possible I would then just refer to the "correcting posted transactions" procedure, correct?

Hope this makes sense! Thanks for your help!


Robin

[NeilZ]

I have a couple of training invoices which were charged to misc computer and should be charged to the Finance Director salary (maybe? can we do this? The Finance Director left in May and was replaced in August, we want the funds used to train the new Director charged to Finance since we have money in that fund because we did not have payroll for that position for a few months), if this is possible I would then just refer to the "correcting posted transactions" procedure, correct?

Hope this makes sense! Thanks for your help!


Robin

The internals of where and when is up to whatever you want to do. If you want to expense a salary expense account to cover training however, that will throw off your budgeting. You would want to expense whatever account you have setup to track training costs. Using a salary expense really is not a good idea unless you want to move a month or two of budget amounts from that expense account, and add it to the training account budget. This does not substantially change your yearly budget, just moving the allocation around within that budget.

How to fix this can be done two ways.

1. By voiding the original check and recreating as a MANUAL CHECK using the same check number in Accounts Payable. What this does is update the AP records, and properly reflects where the money spent from and who it went to. This is the preferred way of doing it as any audit trail would follow from AP through Funds Accounting properly.

2. By reversing and entering a replacement transaction.

I always recommend the 1st for the audit reason given. I include a full explanation of why the original check was voided in the notes area of the manual check showing the void, and in the replacement manual check.

As always, I recommend doing a backup of the accounting files prior to doing anything so you can back out of any change if it doesn't come out as expected.