User Support Forum

I had a problem where the treasurer was not using the release function when cutting checks.
The net was that the total temporary restricted appeared on the income as unchanged.
I did manage to clear the temporarily restricted and the balance sheet closing account.
I must have missed a step because now the income and expense is showing a positive amount in the released from restrictions.
This makes our income appear higher than it is.
How can I fix that?

willsell wrote:I had a problem where the treasurer was not using the release function when cutting checks.
The net was that the total temporary restricted appeared on the income as unchanged.
I did manage to clear the temporarily restricted and the balance sheet closing account.
I must have missed a step because now the income and expense is showing a positive amount in the released from restrictions.
This makes our income appear higher than it is.
How can I fix that?

How did you 'clear' the temp restricted funds? The I&E report should show a positive and a negative amount under the 'released funds, this normally cancels each other out.

My adjusting transaction was
CR 4999
Db 3201
This did clear balance sheet.
But it now shows a positive amount on the I&E under released which overstates income.
I need to make the released amount go away so that the I&E shows 0 for temp restricted and released from restricted
And the balance sheet shows 0 on temp restricted

I looked at the close to report.
This is what I have
Special Event Fund account 4201 closes to 3201
Special Event Release acct 4805 closes to 3201
Released from restriction 4999 closes to 3110

Is this the correct setup?

willsell wrote:My adjusting transaction was
CR 4999
Db 3201
This did clear balance sheet.
But it now shows a positive amount on the I&E under released which overstates income.
I need to make the released amount go away so that the I&E shows 0 for temp restricted and released from restricted
And the balance sheet shows 0 on temp restricted

That was NOT the way to do it. Which is why you have the issue you do today.

REVERSE this transaction. Then make note of the amount you used. Then go into Fund Accounting - Enter Transactions. Click on the Release Restricted Funds. Find the Restriction in the list, I'm assuming that the funds we all under one restriction. If not, you'll need to figure out the amounts you'll need to release from the other restrictions.

Post this transaction, and this will take care of the Restricted Net Assets balance, as well as cancel each other out on the I&E report.

willsell wrote:I looked at the close to report.
This is what I have
Special Event Fund account 4201 closes to 3201
Special Event Release acct 4805 closes to 3201
Released from restriction 4999 closes to 3110

Is this the correct setup?

This is correct, what was not correct was the transaction used as I pointed out above.

I reversed the transaction.
Nothing showing on I&E
Amount shows on balance sheet as temp restricted.
I will follow your fund steps next.

I followed your instructions to use the release from restrictions which worked on the I&E
it shows the amounts netting to o.
However the amounts still show under temporarily restricted on the balance sheet.

willsell wrote:I followed your instructions to use the release from restrictions which worked on the I&E
it shows the amounts netting to o.
However the amounts still show under temporarily restricted on the balance sheet.

Run a changes in equity report .. and see how much was released.

Fantastic! the transactions show on the change in equity report with a net of 0