Balance Sheet Summary

[deanhoneycutt]

I have windows 7 and I have PC+ V 11.5. I have keyed all the accounting information in. However, on my Balance sheet summary there are 3 out of 14 donor restricted funds do not show up on the Sheet. The total dollar amounts are correct for all of the 14 funds. Please tell me why this is doing this. And what can I do to correct it?

[Jeff]

One reason is the donor restricted equity accounts may not have a balance. They will only show on the balance sheet if they have a balance. Try running the account activity report for those accounts to see what the balance is.

[deanhoneycutt]

Thanks Jeff, I did and it is showing no balances for the the accounts. So, how come when I total up the amounts the amounts total up correctly with those three accounts. If I don't add the three account amounts in then the total amount is wrong. Apparently, I need to go back and edit the original accounting set up. How can I do that without starting all over again.

[JohnDMeyers]

Go into Fund Accounting / Setup / Maintain Chart of Accounts

for those accounts that are not showing up.

I have a sneaky feeling they are set to close-to 01-3110-000 (unrestricted net assets) instead of the restricted equity.

Let me know.

[Jeff]

So, how come when I total up the amounts the amounts total up correctly with those three accounts. If I don't add the three account amounts in then the total amount is wrong.

Where are you getting the numbers that you are adding up?

[deanhoneycutt]

I went to Accounting Fund Set up Chart of accounts. In the Equity, I have have my restricted funds starting 3205-101 which is the building fund, then 3210-102 special misc 3215-103 Home mission,3220-104 State missions, 3225.105 Foreign mission, 3230-106 Kids Missionary fund, 3235-107 Senior Adult fund, 3240-108 Benevolence fund, 3245-109, church project, 3250-110 kitchen fund, 3255 111 Audio visual fund, 3260-112 Children s Fund, 3265 113 Awana.

The Funds not showing is 3215-103 Home Mission Fund, 3260-112 Children's Fund, and 3265-113 Awana Fund

Then in the income category it start at 4205-101 and add the remaining ones the same way, as well as in the 4800 group income (release from restrictions) and then the same way in the expense category.

[deanhoneycutt]

I am getting the numbers off of the Balance sheet. When I total the amount from the accounts showing on the balance sheet, they do not match the totals on the balance sheet. However, when I add the amounts that are not showing up for the three missing accounts. The total on the balance sheet is correct.

It is like the amounts are in for each account and the account names are showing up on the chart of accounts, however, when we go to the balance sheet it is not there.

Thanks for all of your help, it is very much appreciated.

[Matt]

I am getting the numbers off of the Balance sheet. When I total the amount from the accounts showing on the balance sheet, they do not match the totals on the balance sheet.

I am confused by your second sentence. What accounts on the Balance Sheet are you trying to balance and which other accounts are you trying to balance to? It will really help if you can list the specific account numbers and dollars amounts in this thread and show where you are seeing this difference.

[deanhoneycutt]

Sorry for the confusion, let me try this again. Below I have copied the balance sheet. I pray it stays aligned. The special account is where the money comes from for our restricted funds, with the exception of the building fund (as you see it has it own account) As you will see the balance is 11,508.84. When you total the restricted fund amounts(the ones I have the account numbers listed) below from the balance sheet. The total is only 10960.60. But on the balance sheet below it has 11,508.84. Now, if we add the three accounts that are missing on the balance sheet which is

Annie Armstrong-Home Mission 3215-103 0.00
Children's Fund 4260-112 328.24
Awana 4265-112 220.00

The special account total amount is 11,508.84.which is what is showing on the balance sheet.
I hope my explanation make sense. Thanks again for all your help.
ASSETS
BANK ACCOUNTS
CHECKING ACCOUNTS
GENERAL FUND 1,137.14
BUILDING FUND 21,221.46
SPECIAL ACCOUNT 11,508.84

Subtotal Checking Accounts 33,867.44

SAVINGS ACCOUNTS
SAVINGS ACCOUNT 16,277.02

Subtotal Bank Accounts 50,144.46


TOTAL ASSETS $50,144.46

LIABILITIES
CURRENT LIABILITIES
PAYROLL DEDUCTIONS
TAXES PAYABLE
Federal Withholding $28.00
Social Security 65.10
Medicare 15.23
State Taxes Payable 19.00

Subtotal Taxes Payable 127.33


Subtotal Payroll Deductions 127.33


Subtotal Current Liabilities 127.33


TOTAL LIABILITIES 127.33

NET ASSETS
UNRESTRICTED
Unrestricted Net Assets $17,835.07
DONOR RESTRICTED
TEMPORARILY RESTRICTED
BUILDING FUND 21,221.46
SPECIAL-MISC 3210-102 5,674.94
JD CHAPMAN-STATE MISSION 3220-104 493.00
LOTTIE MOON-FOREIGN MISS 3225-105 800.00
KIDS MISSIONARY FUND 3230-106 1,261.00
SENIOR ADULT FUND 3235-107 1,456.47
BENEVOLENCE FUND 3240-108 509.02
CHURCH PROJECTS 3245-109 325.00
KITCHEN FUND 3250-110 318.09
AUDIO VISUAL FUND 3255-112 123.08

Subtotal Temporarily Restricted 32,182.06


Subtotal Donor Restricted 32,182.06


TOTAL EQUITY 50,017.13


TOTAL LIABILITIES AND EQUITY $50,144.46

[Jeff]

Children's Fund 4260-112 328.24
Awana 4265-112 220.00

These two accounts are income accounts. They will show on the income & expense statement and will not show on the balance sheet.

Should donor restrictions be setup for them?

The 3000 level accounts are equity accounts. For donor restrictions they show the current balance for that donor restriction. Income accounts show how much has been received for the donor restriction.

Each donor restriction needs 3 accounts to properly track its balance.

Income account - Used to track how much has been received for the donor restriction. It closes to the donor restricted equity account.

Equity account - Used to see the current balance for this restriction.

Release account - Actually a special purpose income account. Used when donor restricted money has been used. Used to "Release" the money from the restriction. This account closes to the donor restricted equity account.

[JohnDMeyers]

Children's Fund 4260-112 328.24
Awana 4265-112 220.00

These accounts need to close-to 3210-102 .

Please check to make sure they do.

If they do not, change them, and re-run your balance sheet. It will automatically correct itself.

[deanhoneycutt]

Jeff/John

I went to accounting, set up, Maintain chart of accounts, clicked on the find tab,typed in the account number 4260-113 and then clicked the detail button. At that time it was set to close at 01-3260-113. So I changed it, to 3210-102 as you suggested and I saved it. I did the same for account number 4565-114, it was set to close at 01-3265-114 I changed it, then checked the balance sheet, and they still were not there.

I checked the other accounts to see what accounts they were closing out on. And it appears, all closing account numbers are like the ones above, it is just with the first two numbers are 32 and the last five are the same.

I then went to the detail chart of account report and everything seems in order. I have all the accounts listed in the three accounts. Equity, Income and Release.

What kind I try next? I know that it has got to be something simple.

Thanks,
Dean

[JohnDMeyers]

Are all of your accounts in the Fund 01 or do you have other active Funds?

[Jeff]

Are you expecting to see separate accounts listed for Children's Fund and Awana? By setting the closing account to 3210-102 you are telling the income to be reported in the Special-Misc equity account. If you do this you won't be able to keep separate balances for the Children's Fund and Awana.

[Matt]

In looking at the Balance Sheet numbers you sent it is clear that the cause of your difference is because the income accounts for the Children's Fund and Awana are set up to close into the 01-3110 unrestricted balance equity account. I noticed that the income account numbers you changed the close to accounts on are not the same account numbers as you had listed for the Children's Fund and Awana. Please run the Account Close To Report in Fund Accounting and review all of the income accounts that are closing into 01-3110. I'm pretty sure you will find that the Children's Fund and Awana income accounts are closing into 01-3110. If so, all you need to do to correct the difference is change the close to accounts to close into the donor restricted equity accounts.