Posted Account Entry

[El Bethel Office]

Hi


We already closed out last year and do not have access to 2012 posted transactions. This being said, we found an entry in bank reconciliation that was entered incorrectly.

There was a debit Fund Accounting posting of $24,066.55 Dec. 2012 that should have been $24,006.55. Last year was closed already and no posted transactions show anymore; cannot reverse posting.

Our thought is to do a credit Fund Accounting post of $60.00, within the same account, to reflect an error and post it this month.

Just wanted to verify this is legimate before posting.

Thank you

[JohnDMeyers]

You could do that, or if that messes up your yearly budget for 2013, you could do this:

CR 01-1110-000 checking $60.00
DB 01-3110-000 unrestricted net assets $60.00
and date the transaction for 1/1/2013.

In general, you should reconcile all bank accounts to 12/31/2xxx before closing the year.

[NeilZ]

This is one of the reasons I remind users that you can keep up to 18 months open in Funds Accounting.