reconciliation vs account activity

[athomas]

We have closed a bank account and transferred the balance to another bank having made the transaction in power church. The bank reconciliation has been made and is balanced; however the account activity shows a balance in the account. Why is this?

[NeilZ]

We have closed a bank account and transferred the balance to another bank having made the transaction in power church. The bank reconciliation has been made and is balanced; however the account activity shows a balance in the account. Why is this?

I'm assuming that you transferred to another asset account, right? When you transferred the funds, did you do it using the last checking account statement you received and balanced? Are you certain you posted all transactions that remained in that account?

[athomas]

Yes to using asset account. Got a certified check from bank for amount in account bringing it to 0 on august statement. Used 0 as balance when reconciling for august. all reconciliations balanced; however, account activity shows a balance other than 0. don't even pretend to know where to go to resolve?

[NeilZ]

Yes to using asset account. Got a certified check from bank for amount in account bringing it to 0 on august statement. Used 0 as balance when reconciling for august. all reconciliations balanced; however, account activity shows a balance other than 0. don't even pretend to know where to go to resolve?

If on the reconciliation it came down to zero, then the system agrees with the bank.
Forget about the account activity, what does the Balance Sheet and Cash Management reports show?

[athomas]

I found a check written from fund 02 which has the same checking account as 01 which made the balance a minus figure in find 02. Should I have transferred money to 02 before writing check. If not what should I have done. Seems my understanding of this particular process is not as good as i thought.

[NeilZ]

I found a check written from fund 02 which has the same checking account as 01 which made the balance a minus figure in find 02. Should I have transferred money to 02 before writing check. If not what should I have done. Seems my understanding of this particular process is not as good as i thought.

A few assumptions here: that you only use one checking account for all the funds, and that fund 01 is the normal operating account, and fund 02 is something else, but does not have its own income and you move funds when necessary. Not knowing exactly how you have your system setup all I can do is guess.

You should have transferred funds to the 02 checking account. Then you should have written the check against the checking account in fund 02.

[athomas]

you're correct in your assumptions. Re. your comment to forget about the activity account, does this mean it shouldn't balance to 0 since the account is empty.

[NeilZ]

you're correct in your assumptions. Re. your comment to forget about the activity account, does this mean it shouldn't balance to 0 since the account is empty.

Does the Cash Management Report show the account? If its at zero, it won't show up.. It won't show up on the Balance Sheet either. So if you don't see it, its fine.

[whfpc]

Is it ok for me to chime in here or should this be started on a new thread?


I too switched accounts and we "write" checks from 01 and 02 (they both come out of the same account, if that makes sense). When I balanced my account I deposited all into 01 and now I have a negative in 02 but it balances out with 01. For instance old checking account 01 shows -,$18,000 and 02 has $18,000, then on the new checking account 01 has all of the money and 02 is -$80,000 (and it continues to increase). When I call PC support I am told to get with Finance and find out which accounts in 02 we want to "take" the money from. Or restart accounting . I am 99% certain all accounts have been charged correctly and have checked each transaction throughout the year to be sure.

One thing I did that may have caused some of my issue is, we started deposited to the new account in January and continued to write checks from the old account (building up the new account balance and using the monies from the old account). I have to believe that's part of the problem.

Robin

[athomas]

Neil - Fund 02 in cash management not there and acct activity 0. Fund 01 in cash management has 683.00 unposted in fund accounting. Guess I need to find out why, right.

[NeilZ]

Neil - Fund 02 in cash management not there and acct activity 0. Fund 01 in cash management has 683.00 unposted in fund accounting. Guess I need to find out why, right.

It depends ... if its the account you closed, definitely. If its under the new account, that may be fine.