I’m new to accounting and doing the church books. I saw equity accounts and started trying to zero them out by using those funds to pay bills due. If youth had 100.00 in the equity account I would then pay their pizza bill by crediting the bank-01 and debiting the youth equity account. I know now to only use an expense account to pay expenses.
My question is if I go through the journal and find every expense I paid with the equity account, add it up, how do I place funds back into the equity account and show the expense in the expense account?
Need help undoing equity mistakes
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Re: Need help undoing equity mistakes
I'm assuming you're using v12 or higher. Go to Accounts Payable - and find each VENDOR record where you did this. VOID and reissue every previous check using the same check number, date, amount but DO NOT PRINT. Then open the Maintain Manual Checks function and FIX the check using the proper expense account for each, then (again assuming that each equity account is a temp restricted account) click on the RELEASE RESTRICTED FUNDS button, select the restricted fund, click the NEXT button, then enter the amount you're paying, then click FINISH. The system will add the proper entries to release the funds. As I said, you'll have to do this for every check.Classicaltutor wrote: ↑Mon May 22, 2023 10:35 pmI’m new to accounting and doing the church books. I saw equity accounts and started trying to zero them out by using those funds to pay bills due. If youth had 100.00 in the equity account I would then pay their pizza bill by crediting the bank-01 and debiting the youth equity account. I know now to only use an expense account to pay expenses.
My question is if I go through the journal and find every expense I paid with the equity account, add it up, how do I place funds back into the equity account and show the expense in the expense account?
Then Post Accounts Payable, then in Funds Accounting Post Transactions this will correct all the accounts.
That said, if those restricted funds net asset accounts (equity) are not setup as temp restrictions. Then that's a completely different issue.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
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Re: Need help undoing equity mistakes
How can I find a list of transactions that the equity account was used for? I ran a journal report and don't see a single transaction for any equity account. where would I find the equity transactions? when I run a changes in equity report I'm unsure what to do with that information.
Re: Need help undoing equity mistakes
Use the "Account Activity" report ...Classicaltutor wrote: ↑Tue May 23, 2023 9:24 amHow can I find a list of transactions that the equity account was used for? I ran a journal report and don't see a single transaction for any equity account. where would I find the equity transactions? when I run a changes in equity report I'm unsure what to do with that information.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.