I have noted that the persons who originally configured our accounting system did not enter correct values for the various balances. When we print a fund report, the difference between the "TOTAL ASSETS" amount and "TOTAL LIABILITIES AND FUND BALANCE" is not zero, which it should be.
The bank balances for our accounts are correct. How can I change the initial value of a fund?
Or, is there a way to create a transaction that will not show up in the balance sheet?
How to change fund balances
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Matt
- Authorized Teaching Consultant
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Run the trial balance report in Fund Accounting for each of your accounting funds. The Fund Totals on the trial balance for each accounting fund should show 0. If they do not, this means that the debits and credits do not equal within the fund.
If you have more than one accounting fund you may find that the difference in one fund is offset by an opposite difference in another fund. If this is the case, you need to find the transaction (or transactions) that were posted where the debit hit one fund and the credit hit another fund, reverse these transactions, and then reinput so that the debit and credit are in the same accounting fund.
If you only have one accounting fund then you have a true out-of-balance condition. To fix this you will need to input a one-sided accounting entry to your fund balance account. When inputting the one-sided entry you must input "OOB" (for Out Of Balance) as the beginning of the reference number in order for PC+ to save the transaction.
If you have more than one accounting fund you may find that the difference in one fund is offset by an opposite difference in another fund. If this is the case, you need to find the transaction (or transactions) that were posted where the debit hit one fund and the credit hit another fund, reverse these transactions, and then reinput so that the debit and credit are in the same accounting fund.
If you only have one accounting fund then you have a true out-of-balance condition. To fix this you will need to input a one-sided accounting entry to your fund balance account. When inputting the one-sided entry you must input "OOB" (for Out Of Balance) as the beginning of the reference number in order for PC+ to save the transaction.