Starting Over/Account Adjustment- Part II

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

Moderators: Moderators, Tech Support

Post Reply
GNBBC
Posts: 24
Joined: Thu Feb 07, 2019 5:54 pm

Starting Over/Account Adjustment- Part II

Post by GNBBC »

Neil, I failed to me mention that because our balances are so out of whack, my pastor asked a tech if we could just erase everything and start over, which the tech replied in the affirmative. So all transactions history prior to December 2022 have been deleted (however saved onto a flash drive). Right now I'm researching how transactions have been entered, going back to December 2022 and up to today. I'm hoping to find the error that got us to this unfortunate situation. I asked the previous questions relating to entering transactions to ensure that our accountant is doing them properly as we move forward. And of course, I'll be looking for other possible oversights. Thank you.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Starting Over/Account Adjustment- Part II

Post by NeilZ »

GNBBC wrote:
Tue Mar 21, 2023 7:14 pm
Neil, I failed to me mention that because our balances are so out of whack, my pastor asked a tech if we could just erase everything and start over, which the tech replied in the affirmative. So all transactions history prior to December 2022 have been deleted (however saved onto a flash drive). Right now I'm researching how transactions have been entered, going back to December 2022 and up to today. I'm hoping to find the error that got us to this unfortunate situation. I asked the previous questions relating to entering transactions to ensure that our accountant is doing them properly as we move forward. And of course, I'll be looking for other possible oversights. Thank you.
OK ... it does sound like it was worse than described. Let us know exactly what you find.
Neil Zampella

Using PC+ since 1999.

GNBBC
Posts: 24
Joined: Thu Feb 07, 2019 5:54 pm

Re: Starting Over/Account Adjustment- Part II

Post by GNBBC »

Good morning, Neil.

As we move forward in search for the problem(s), would you please comment on the questions I've posted. I want to make sure we're headed in the right direction.

Thank you, sir.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Starting Over/Account Adjustment- Part II

Post by NeilZ »

GNBBC wrote:
Wed Mar 22, 2023 12:04 pm
Good morning, Neil.

As we move forward in search for the problem(s), would you please comment on the questions I've posted. I want to make sure we're headed in the right direction.

Thank you, sir.
I'm sorry ... which questions, the ones in this topic, or the original one you started, as I thought I replied there.
Neil Zampella

Using PC+ since 1999.

GNBBC
Posts: 24
Joined: Thu Feb 07, 2019 5:54 pm

Re: Starting Over/Account Adjustment- Part II

Post by GNBBC »

"Our balance sheet shows an inaccurate balance for our Nehemiah Project, which is one of our general operating asset accounts. The balance sheet shows, for example, -194,231.00, but the actual bank balance is $22,204.00. To make an adjustment, would I be correct in entering this transaction:

Debiting our Nehemiah Project general operating account (01-1185) $216,435.00 and Crediting the General Fund Balance account (01-3110) by the same amount?"

We want to enter the correct balances for each of the bank accounts. Thanks again, sir.

GNBBC
Posts: 24
Joined: Thu Feb 07, 2019 5:54 pm

Re: Starting Over/Account Adjustment- Part II

Post by GNBBC »

Neil, I've discovered in my search that the Account Activity Report for our 02-6202-202 Nehemiah Expense account has some of the same transactions that's on the Account Activity Report for our 02-1185-000 Wells Fargo Nehemiah account. Is this normal? Thank you.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Starting Over/Account Adjustment- Part II

Post by NeilZ »

GNBBC wrote:
Wed Mar 22, 2023 2:43 pm
"Our balance sheet shows an inaccurate balance for our Nehemiah Project, which is one of our general operating asset accounts. The balance sheet shows, for example, -194,231.00, but the actual bank balance is $22,204.00. To make an adjustment, would I be correct in entering this transaction:

Debiting our Nehemiah Project general operating account (01-1185) $216,435.00 and Crediting the General Fund Balance account (01-3110) by the same amount?"

We want to enter the correct balances for each of the bank accounts. Thanks again, sir.
Where are you getting the amount you want to adjust to? If its the bank statement, I would ensure that you account for any deposits or subtractions that have not cleared the bank as of that statement, as the Powerchurch amount would already have them accounted for, but if they didn't clear the bank, the bank balance would not.
Neil Zampella

Using PC+ since 1999.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Starting Over/Account Adjustment- Part II

Post by NeilZ »

GNBBC wrote:
Wed Mar 22, 2023 2:57 pm
Neil, I've discovered in my search that the Account Activity Report for our 02-6202-202 Nehemiah Expense account has some of the same transactions that's on the Account Activity Report for our 02-1185-000 Wells Fargo Nehemiah account. Is this normal? Thank you.
I would hope so .. Powerchurch is a double entry system. If you were paying for an expense, you would see a CREDIT on the Asset account (02-1185-000) and a DEBIT on the expense account (02-6202-202).
Neil Zampella

Using PC+ since 1999.

Post Reply