restricted funds gone in new year

[kimvdh]

Hi
I ran a Trial Balance Report Oct 2011- Sep 2012 and both my temp restricted accounts have the correct balance in them - then when I ran a Trial Balance Report for Oct 2012 the beginning of our fiscal year only 4220 has it's amount in it; 4240 's amount is 0 and the amount is not in any other account either!?!

[JohnDMeyers]

You will need to run an Activity Report on 4240 and see what month the amount you are looking for was posted. Also, what date was the transaction, itself. It may be out-of-date range.

[kimvdh]

it was posted in Sept 2012 and dated in Sept 2012

[JohnDMeyers]

Did you close Sept 2012 before running Oct 2012 report?

If you did, that would explain the zero balance in 4240, but it doesn't explain a balance in 4220. They both should be zero.

Look in Fund Accounting / Setup / Maintain Chart of Accounts / Locate/ 4220 / Detail tab, and see what account 4220 closes to. It may not close to anything.

[Jeff]

You are probably looking in the wrong place for a balance for your restricted amounts. 4220 is an income account. It purpose is to track the amount of maney that you have received for a purpose. Sounds like you are trying to track the balance. Balances are tracked using balance sheet accounts. In the case of donor restricted amounts, this would most likely be an equity account (on the 3000) range.

Income accounts close their balances when your new accounting year starts. This means they transfer their balances to equity account they are set to close to. Look at your 4220 account and what acccount they are set to close to. When you year closes, the income account automatically transfers its amount to this account.

[kimvdh]

4220 closes to 3220 and 4240 closes to 3110 and no I haven't closed Sept yet
I'll need to change 4240 to close to 3240 because 3110 is unrestricted assets right?

I ran a balance sheet for Sept and 4240 is not even listed

[Jeff]

You said your year starts October. When you run the trial balance it is going to show year to date amounts. Since your year starts in October only those amounts from October on will show on this report. Any amounts before October will update the equity account the income account closes to.

When you close a month it just makes it so that you can not enter new transactions to that month. When you close September, the program keeps you from entering any new transactions to that month.

The program automatically updates equity account balances from accounts that close to them as needed. This is what is happening on the trial balance. Amounts from last year (pre October) will be updated to the equity account. This process of updating the equity account is called closing, but it is different than when you close a month.

[Zara]

4220 closes to 3220 and 4240 closes to 3110 and no I haven't closed Sept yet
I'll need to change 4240 to close to 3240 because 3110 is unrestricted assets right?

I ran a balance sheet for Sept and 4240 is not even listed

Yes, if 4240 is closing to 3110 and it is a restricted income account, that is wrong and it should be closing to 3240 if that is the equity account that has been set up for that restriction. The balance for that restriction would then show on the balance sheet in the 3240 account, if there is a balance for it.

Hope that helps.