Incorrect contribution check amt - need to repost???

[hamrickdt]

I know this should probably be a no-brainer...but please forgive me, I am just not sure!

I received a check a couple of weeks ago with a dollar amount of $173.00, however they had written out fifty dollars...unfortunately I didn't catch this and put it in as $173.00.

The bank sent a notice saying the total deposit had been adjusted from $1041.00 to $918.00 - so they deposited the $50.00 ($173.00 - 50.00 = 123.00. 1041.00 - 123.00 = $918.00) Hope this is making sense so far?!

Since then I have received a corrected check for $123.00.

*So now I need to go in and adjust the old check from $173.00 to $50.00.
*Adjust my total deposit from $1041.00 to $918.00.
*and then I can go in and put the new check in with a new deposit that I am making.

I think I know how to do this but it's been quite a while since anything like this has happened so I'm a bit unsure and would REALLY appreciate some direction.

btw...I'm using V9, WINXP.

Thank you!!
Tammy

[Zaphod]

*So now I need to go in and adjust the old check from $173.00 to $50.00.

reverse your original entry. Enter a new contribution with the same date, fund(s), check number, and a negative full amount(-$173.00).

Enter a new contribution for the $50, using the same date, fund, etc as the original.

Post those in Contributions, updating the contributions module only.

*Adjust my total deposit from $1041.00 to $918.00.

Enter a reversing transaction in Fund Accounting for that whole original deposit. Then, reenter the deposit using the correct total. Run a Journal Report in Fund Accounting to see exactly what the original was so you can get your distributions correct.

*and then I can go in and put the new check in with a new deposit that I am making.

Yep, just do that normally.

[NeilZ]

I know this should probably be a no-brainer...but please forgive me, I am just not sure!

I received a check a couple of weeks ago with a dollar amount of $173.00, however they had written out fifty dollars...unfortunately I didn't catch this and put it in as $173.00.

The bank sent a notice saying the total deposit had been adjusted from $1041.00 to $918.00 - so they deposited the $50.00 ($173.00 - 50.00 = 123.00. 1041.00 - 123.00 = $918.00) Hope this is making sense so far?!

Since then I have received a corrected check for $123.00.

*So now I need to go in and adjust the old check from $173.00 to $50.00.
*Adjust my total deposit from $1041.00 to $918.00.
*and then I can go in and put the new check in with a new deposit that I am making.

I think I know how to do this but it's been quite a while since anything like this has happened so I'm a bit unsure and would REALLY appreciate some direction.

btw...I'm using V9, WINXP.

Thank you!!
Tammy

Tammy ....

what you should do is this:

1. Using the 'Enter Contributions' module, enter a contribution for the original date for a NEGATIVE $173.00 . Then add a contribution (again with the original date) for $50.00 to properly credit the contributor for the amount contributed at that date. This can then be posted over to the FUNDS ACCOUNTING system to adjust the amount in the accounts to the corrected amount. I believe this will also adjust the amount deposited at the same time.

2. Enter this new check as a contribution for the current date, and post it with the regular contributions for the week.

In this manner, the contributor still gets the credit for the contribution, and the system will adjust all accounts accordingly. This procedure is covered both in the PC+ manual, as well as the online help.

Hope this helps.

[hamrickdt]

Thank you for the replies!

Just so I am clear on something: after I have entered in the -$173.00 and added the $50.00 contribution into the Contribution Module, should I be updating the Contributions Module only? or the Contributions and Fund Accounting Module? (seems like I should be following this all the way through the FA Module and then it would update my totals...but maybe I'm not thinking it through clearly?? )

Thanks again!
Tammy

[Zorak]

With Zaphod's response of not updating fund accounting and entering a separate transaction in fund accounting, your bank reconciliation would show the original amount in the deposits, then that same amount in the checks (reversing out the deposit) then the correction (the actual deposit amount) will show in the deposits.

With NeilZ's response of updating fund accounting with that contribution, your bank reconciliation will only show the "adjustment" amount coming out of the original deposit. Essentially, you would see a $123 check for that day.

Either will work out in the end. The first may be a little clearer to deal with a month from now when you are reconciling.

[hamrickdt]

Okay....I understand the symantecs behind it now - thank you!!! But, and this is really going to sound dumb, Zaphod said:

Enter a reversing transaction in Fund Accounting for that whole original deposit. Then, reenter the deposit using the correct total. Run a Journal Report in Fund Accounting to see exactly what the original was so you can get your distributions correct.

I've never done a reverse transaction in FA before. (I really wish there was a PC seminar!! I know there is so much I am missing out on.) Anyway, I'm not sure how to do this.
Do I pull up the posted transaction in 'view posted transactions' in the FA module and then click reverse and save?
I've run a Journal Report so I have the accounts that the money is to be distributed in, do I then just enter a new transaction with the correct amounts? Would I put the posting date as 6/13/07 and posting month as June?

Thanks again...I appreciate all your help!
Tammy

[Zorak]

Right, you can either select the original transaction in View Posted Transactions and use the reverse button to automatically create the reversing entry, or if you want, you can use the enter transactions screen to manually enter a new transaction which mirrors the original deposit (just switch the debit and credit columns)

Using either method, you will arrive at the same end result. Using the reverse button is just quicker and 100% accurate!

[hamrickdt]

Hello!

okay...I am just now getting to this. I have gone into the Contributions Module and done as Zaphod said (entered a -173.00, then entered 50.00 and only updated the Contributions Module). This has now adjusted the members contribution statement.

When I went into the FA module, went to 'viewed posted transactions' and pulled up the transaction that needed to be corrected, I selected 'reverse' and got the following warning: This transaction was originally entered in the Contributions Module. Reversing it here in Fund Accounting will not correct the entry in Contributions. Do you want to continue and reverse this transaction in Fund Accounting?

I realize I've already corrected the portion that I needed to in the contributions module, but I guess I just need to make sure (wasn't expecting a warning). Because I've corrected the portion I needed to in the contr. mod., then I should be okay, because now I am going to correct the FA mod. to reflect the right amount...is that correct???

Thanks Zaphod, NeilZ and Zorak! I really do appreciate all your time and effort in helping out...

Tammy

[Zorak]

No problem!

The View Posted screen is going to warn you anytime you reverse a transaction that did not originate in the Fund Accounting module.

Since we know that you have already corrected the Contributions side, it is perfectly acceptable to click Yes and continue on past the warning.

[hamrickdt]

Yea! Another problem solved!! Thank you, this worked...and now I am a little more knowledgeable!

Thanks again!

many blessings,
Tammy