Close out a Fund Account

[FBCro]

Our Church has one checking account but has many Fund Accounts. Fund Account 16 was a special Missions account that we no longer use but has a balance of $15.00 from previous years. Transfer out to General Fund account 01 from 16 is 9010. Transfer in from 16 to 01 is 9616. I don't understand transfers very well and not sure how to do this but would like to be able to close out Fund 16 and delete it. Please help. Thanks Byron

[NeilZ]

Our Church has one checking account but has many Fund Accounts. Fund Account 16 was a special Missions account that we no longer use but has a balance of $15.00 from previous years. Transfer out to General Fund account 01 from 16 is 9010. Transfer in from 16 to 01 is 9616. I don't understand transfers very well and not sure how to do this but would like to be able to close out Fund 16 and delete it. Please help. Thanks Byron

Two things:

1. Transfers are really easy ... what you want to do is enter something like this:



I tend to put the two debits together to make sure that all the numbers are correct.

2. You can delete a fund, but you may get an error as the fund was used this year in the transfer. You can change the name to 'Missions Fund - CLOSED' for the time being.

[FBCro]

I took over doing Books in January. For some reason in Fund 16 there is no balance shown in checking account only $15.00 as Fund Balance. If the $15.00 from previous years is not shown in Fund 16 checking is there any way to transfer as mentioned. Not sure what previous bookkeeping did in the Funds. Thanks

[NeilZ]

I took over doing Books in January. For some reason in Fund 16 there is no balance shown in checking account only $15.00 as Fund Balance. If the $15.00 from previous years is not shown in Fund 16 checking is there any way to transfer as mentioned. Not sure what previous bookkeeping did in the Funds. Thanks

Well .. when you do a Trial Balance across all funds, is the bottom line all zero ?? If not, then there's another issue somewhere.

[FBCro]

Ok
Back to my original post. If the $15.00 is shown in Fund 16 CFS Missions checking account. To transfer to General Fund 01, I would need to enter the following transactions to close out the fund.
16-1110-000 Transfer to General Fund Credit $15.00
16-9010-000 Transfer to General Fund Debit $15.00
01-1110-000 Transfer from CFSMissions Debit $15.00
01-9616-000 Transfer from CFSMissions Credit $15.00

Is this correct? Or have I missed it somewhere. Not sure why I am having so much trouble understanding the in and out accounts.
Thanks

[tborgal]

That does look correct. Just be sure to do a backup before the transfer just in case it does not work as expected.

[NeilZ]

Ok
Back to my original post. If the $15.00 is shown in Fund 16 CFS Missions checking account. To transfer to General Fund 01, I would need to enter the following transactions to close out the fund.
16-1110-000 Transfer to General Fund Credit $15.00
16-9010-000 Transfer to General Fund Debit $15.00
01-1110-000 Transfer from CFSMissions Debit $15.00
01-9616-000 Transfer from CFSMissions Credit $15.00

Is this correct? Or have I missed it somewhere. Not sure why I am having so much trouble understanding the in and out accounts.
Thanks

I thought you said there was no money listed in the checking account?? If that's the case, this is NOT going to fix it. Did you do a trial balance for that fund?? Did it show a zero as the bottom line?? If not, then this is not going to fix that.

Somehow you're showing 15.00 in the fund, that tells me that there's an extra 15.00 in some asset account in that fund. The Trial Balance report will show what account is showing that 15.00.

[FBCro]

Thanks
Sorry for the confusion. Yes this fund does not have a checking account balance and I agree that I will need to run a trial balance when I get back to Church. I have some information at home but the program is on our Church computer where I only work part time. The reason I asked about using the transfers I listed was because we do have several other Fund accounts that we do not use anymore that have small balances in the checking account and I will want to clear them out using the transfer method I listed and I wanted to see if the one I listed would work if there actually were $15.00 in the checking account of that account.
Thanks

[NeilZ]

Thanks
Sorry for the confusion. Yes this fund does not have a checking account balance and I agree that I will need to run a trial balance when I get back to Church. I have some information at home but the program is on our Church computer where I only work part time. The reason I asked about using the transfers I listed was because we do have several other Fund accounts that we do not use anymore that have small balances in the checking account and I will want to clear them out using the transfer method I listed and I wanted to see if the one I listed would work if there actually were $15.00 in the checking account of that account.
Thanks

Ah .. yes, it follows the example pic I posted.