I wrote a check and released the funds from our Designated Youth Fund. All that looks correct but when it posted it also deducted the amount from the budget youth fund:
01-1110- 000 checking credit 469.52
01-1910-000 Sales tax reclaim debit 30.72
01-4825-107 D youth - Debit 469.52
01-4999-000 Released from Restrict. Credit 469.52
01-6210-000 Youth - Debit 438.80
Basically the fund w/d posted and withdrew from the budget and restricted? Help?
Release Restricted Funds
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Re: Release Restricted Funds
I'm not sure what you mean by 'deducted amount from the budget youth fund'. You will always have a debit against an expense. Releasing the funds from a restricted fund just moves the funds from the restricted net assets/fund balance account to the unrestricted net assets.NNBCdmh wrote:I wrote a check and released the funds from our Designated Youth Fund. All that looks correct but when it posted it also deducted the amount from the budget youth fund:
01-1110- 000 checking credit 469.52
01-1910-000 Sales tax reclaim debit 30.72
01-4825-107 D youth - Debit 469.52
01-4999-000 Released from Restrict. Credit 469.52
01-6210-000 Youth - Debit 438.80
Basically the fund w/d posted and withdrew from the budget and restricted? Help?
Without this you will not see any expenses which makes any Income & Expense report meaningless.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Release Restricted Funds
The Youth budget line is $500 for the year. This expense came off the budgeted amount which makes it appear that we used $438 of our $500 budget when we actually used restricted money. I understand that an expense needs to be debited but I don't want it to appear that we've used our budget. Maybe I'm looking at it wrong.
Re: Release Restricted Funds
That's the way it does work. If you are releasing Temp Restricted Funds money for stuff that is outside the budget, than you should think about having a separate expense account, tied to the Temp Restricted Fund using subaccount numbers, to cover these purchases. The release from restrictions will show funds released, and the non-budget line item will show funds spent.NNBCdmh wrote:The Youth budget line is $500 for the year. This expense came off the budgeted amount which makes it appear that we used $438 of our $500 budget when we actually used restricted money. I understand that an expense needs to be debited but I don't want it to appear that we've used our budget. Maybe I'm looking at it wrong.
When you spent the funds, were these for items or events normally in the budget?
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Release Restricted Funds
No they weren't budgeted items. That all makes sense! Thanks for your help.