Restricted Donor setup and messed up the fund balance
Posted: Tue Oct 09, 2007 1:55 pm
Using Ver 9 on Windows 2000
We just started using the restricted funds, but it is not working like we supposed.
We had a gift given in 2006 that has a temporary restriction. At the time, we created an asset account to keep a record of the gift.
Yesterday, we went to Add Donor Restriction and created an income account, a release account, an expense account, and a fund balance account as per the wizard.
Since the gift was already an asset (not a contribution), we used Enter Transactions in Fund Accounting to transfer the asset ($2,215.36) to the income account we just created.
Since the gift was given in 2006, we also made an entry in Fund Balance to mv the $2,215.36 from 3100-000 to 3100-030, the restricted fund balance account. (3100-030 was just setup and should have a beginning balance of $0.00, right?)
The assets in this fund now total $4,326.90 in this fund, by the way and no liabilities. I didn't look at the beginning fund balance for the year, and I can't now. But we expected have a fund balance in 3100-030 of $2,215.36 and a total fund balance of $4326.90.
The balance sheet shows a beginning fund balance in 3100-000 of $ -15,220.35. I don't know what it was, but is was a positive number.
The fund balance in 3100-030 of $19,547.25, which nets out to $4,326.90 when added to 3100-000.
The beginning balance for 3100-030 is $17,331.89. Where did that come from?
The one transaction we made of $2,215.36 leaves $19,547.25 in the restricted fund balance.
No idea what happened, but this isn't what we expected.
We just started using the restricted funds, but it is not working like we supposed.
We had a gift given in 2006 that has a temporary restriction. At the time, we created an asset account to keep a record of the gift.
Yesterday, we went to Add Donor Restriction and created an income account, a release account, an expense account, and a fund balance account as per the wizard.
Since the gift was already an asset (not a contribution), we used Enter Transactions in Fund Accounting to transfer the asset ($2,215.36) to the income account we just created.
Since the gift was given in 2006, we also made an entry in Fund Balance to mv the $2,215.36 from 3100-000 to 3100-030, the restricted fund balance account. (3100-030 was just setup and should have a beginning balance of $0.00, right?)
The assets in this fund now total $4,326.90 in this fund, by the way and no liabilities. I didn't look at the beginning fund balance for the year, and I can't now. But we expected have a fund balance in 3100-030 of $2,215.36 and a total fund balance of $4326.90.
The balance sheet shows a beginning fund balance in 3100-000 of $ -15,220.35. I don't know what it was, but is was a positive number.
The fund balance in 3100-030 of $19,547.25, which nets out to $4,326.90 when added to 3100-000.
The beginning balance for 3100-030 is $17,331.89. Where did that come from?
The one transaction we made of $2,215.36 leaves $19,547.25 in the restricted fund balance.
No idea what happened, but this isn't what we expected.