Reversing/correcting contributions

[Turning Point]

Our church recently changed banks. Vanco deposited a donation into our new bank before I changed PC to show which account to enter donations. So the deposit was made in one bank and PC showed it in another bank.

I backed up PC and then reversed and corrected the contributions with no changes. I could not find a place to see which account the money was going into so I thought if I just reversed the original entry and told PC to correct it with no changes it would change it to the new account since the contributions are directed to go there.

Please let me know if I did this correctly.

[NeilZ]

Our church recently changed banks. Vanco deposited a donation into our new bank before I changed PC to show which account to enter donations. So the deposit was made in one bank and PC showed it in another bank.

I backed up PC and then reversed and corrected the contributions with no changes. I could not find a place to see which account the money was going into so I thought if I just reversed the original entry and told PC to correct it with no changes it would change it to the new account since the contributions are directed to go there.

Please let me know if I did this correctly.

The Contribution Fund in Contributions is where the asset and income accounts are set. If you did NOT create a different contribution fund in Contributions the replacement entries will still point to the old acccount.

What you need to do is create a NEW Contribution Fund with the proper Bank and Income account listed in Maintain List of Contribution Funds give it a number like 1100, do the reverse/correction pointing the corrections to the NEW Contribution Fund, then Post to Funds Accounting.

What this will do is read the old Contribution Fund record and create the reversing transaction to pull the funds from the asset account, then create the replacement transaction using the NEW Contribution Fund Record that has the new bank account.

When this update is posted to Funds Accounting, check the transactions in the Modify Unposted Transactions in Fund Accounting, this will show the transactions CREDITing the old account, and DEBITING the new account.

Then when all is done, go back to Contributions, and select the Reassign -> Reassign a Fund Number function. I'm going to assume that the old Contribution Fund is 100, so you will reassign fund 100 to number 4100 (or a number outside your normal range) you will need this number in a bit. Ressign the Contribution Fund 1100 (as I used previously) to Fund 100 to return the system to normal Fund Numbers in use, then to merge everything together, reassign the 4100 fund to 100, which will merge all the previous contributions into the final Contribution Fund 100.

Does this help?

EDITED at 2:26pm MDT to adjust last paragraph.