fund account has negitive asset

[fcpendleton]

I believe that a year and a half ago the beginning balance was put in incorrectly, however I have on one of the fund accounts, o in it's checking, which is correct but has a -465 in unrestricted net assets. What year end entry can I make to bring this to 0 and not effect the checking balance .
Thanks for your help

[JohnDMeyers]

If things are in order, you must also have a negative asset amount in one account, or in the sum of several accounts.

Whatever those negative asset accounts are, they would make up the other side of your transaction.

If you don't have a negative asset amount in this Fund, there must be another Fund where you have created an error of -$465

[fcpendleton]

I went through all the accounts and made some adjustments
now
I find that I have a negative 465.00 in my youth net assets
and I am over the same amount in the general operating net assets

how do I resolve this?
can you give me an example

[JohnDMeyers]

The way you got there went something like this:

DB 02-4230-000 Youth income [closes to 02-3110-000]
CR 01-1110-000 checking [closes to 01-3110-000]

The BEST way is to find the exact transaction that had one line in your Youth Fund and one line in your General Fund, and REVERSE it. When you do, you will get a warning that you are using two different funds. Ignore the warning. (You actually ignored the warning once before, apparently).

Run a Journal Entry Report in Fund Accounting to try to locate the exact transaction.

If you cannot locate the exact transaction, the second best thing to do is this:
CR 01-3110-000 $465.00
DB 02-3110-000 $465.00
[ignore the warning, and post]

Only do that if you absolutely have to.

[fcpendleton]

thanks that was a big help

[CMUMC001]

The way you got there went something like this:
DB 02-4230-000 Youth income [closes to 02-3110-000]
CR 01-1110-000 checking [closes to 01-3110-000]
The BEST way is to find the exact transaction that had one line in your Youth Fund and one line in your General Fund, and REVERSE it. When you do, you will get a warning that you are using two different funds. Ignore the warning. (You actually ignored the warning once before, apparently).
Run a Journal Entry Report in Fund Accounting to try to locate the exact transaction.

If you cannot locate the exact transaction, the second best thing to do is this:
CR 01-3110-000 $465.00
DB 02-3110-000 $465.00
[ignore the warning, and post]
Only do that if you absolutely have to.

I believe the "second best thing to do" is the correct thing to do.
If you find and reverse the original transaction it will post in the same month it originally occurred. That would make any print outs of the financials for the following months NOT match what was originally reported which means you should issue "revised" reports for every month that was affected.
If you do the second best thing in the current month it will correct the accounts as of that month. When you issue the monthly reports you can add a note to explain why the associated funds were changed.

[CMUMC001]

The way you got there went something like this:
DB 02-4230-000 Youth income [closes to 02-3110-000]
CR 01-1110-000 checking [closes to 01-3110-000]
The BEST way is to find the exact transaction that had one line in your Youth Fund and one line in your General Fund, and REVERSE it. When you do, you will get a warning that you are using two different funds. Ignore the warning. (You actually ignored the warning once before, apparently).
Run a Journal Entry Report in Fund Accounting to try to locate the exact transaction.

If you cannot locate the exact transaction, the second best thing to do is this:
CR 01-3110-000 $465.00
DB 02-3110-000 $465.00
[ignore the warning, and post]
Only do that if you absolutely have to.

I believe the "second best thing to do" is the correct thing to do.
If you find and reverse the original transaction it will post in the same month it originally occurred. That would make any print outs of the financials for the following months NOT match what was originally reported which means you should issue "revised" reports for every month that was affected.
If you do the second best thing in the current month it will correct the accounts as of that month. When you issue the monthly reports you can add a note to explain why the associated funds were changed.

I apologize. Only after I posted this did I realize the recommendation was to make the adjustments directly to the closing account. The transactions you create should be the equivalent of reversing the original transactions but in the current month.
CR 02-4230-000 Youth income [closes to 02-3110-000]
DB 01-1110-000 checking [closes to 01-3110-000]
This brings the Youth income up to $0 (CR) and reduces the Checking account down by the corresponding amount (DB).

[JohnDMeyers]

Actually, I see a mistake on my part, as well.

01-1110-000 checking is an Asset account, and doesn't close to equity at all.

Only Income, Expense, and Transfer accounts close to equity.