Real Time Account Balance?

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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SSECRector
Posts: 1
Joined: Thu Dec 12, 2019 2:19 pm

Real Time Account Balance?

Post by SSECRector »

My administrator and I seem confused.

We pay a vendor or make some payment, we write a check, but then is it true we can't post that payment until the end of the month when we reconcile the month?

What I want:
1- Pay for candles from the Altar Guild restricted account
2- Immediately see a report of real time amount in that account

Out understanding is we can't do that? We can't see how much is actually in an account until the end of the month? Do things not "post" automatically as we spend the money?

What are we missing?

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Real Time Account Balance?

Post by NeilZ »

SSECRector wrote:My administrator and I seem confused.

We pay a vendor or make some payment, we write a check, but then is it true we can't post that payment until the end of the month when we reconcile the month?

What I want:
1- Pay for candles from the Altar Guild restricted account
2- Immediately see a report of real time amount in that account

Out understanding is we can't do that? We can't see how much is actually in an account until the end of the month? Do things not "post" automatically as we spend the money?

What are we missing?
No .. nothings 'posts' automatically. That is a manual function, and its done that way for a few good reasons. You write a check, it against the wrong account. You don't want to have to void the check and re-enter, you just have to go into AP and make the changes before you post to Funds Accounting.

Same in Funds Accounting, often the same person who posts from AP, is not the person who posts Funds Accounting. Sometimes the secretary/admin/bookkeeper writes the checks and posts to Funds Accounting, however, the Treasurer (or other authorized person) reviews the transactions then posts.

That being said, you can post from AP to Funds Accounting at any time. Then you can run an Inc & Exp report with the include 'unposted' transactions and see the results. In the same token, nothing says you can't post Funds Accounting at any time. I usually post AP when I get the checks in the mail, I then post Funds Accounting at the end of my work week.
Neil Zampella

Using PC+ since 1999.

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