Hi,
I've recently assumed the Treasurer's duties. In reviewing our accounts, I have discoverd that the previous person labled /named all of our Funds and endowment accounts as Liabilities. They should be classified as equity.
I have a former CPA on our committee who wants our statements to reflect the accounts correctly.
Can I just go to each account and change its designation with out causinfg a meltdown?
Thanks
Teri
Changing accounts from liabilty to equity
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Changing accounts from liabilty to equity
Tmier-FPCH
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Zorak
- Tech Support
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You won't be able to change an account from one category to another.
You can, however, add a new equity account. It sounds like a Contribution Income type was set up as a Pass-Thru, rather than Temporarily Restricted Income. If this is the case, go to the Fund Accounting menu and choose Maintain List of Donor Restrictions.
Here you can click the Add button and an assistant will walk you through each of the steps of defining or creating the new accounts that will be needed to treat your old pass-thru as temporarily restricted.
You can, however, add a new equity account. It sounds like a Contribution Income type was set up as a Pass-Thru, rather than Temporarily Restricted Income. If this is the case, go to the Fund Accounting menu and choose Maintain List of Donor Restrictions.
Here you can click the Add button and an assistant will walk you through each of the steps of defining or creating the new accounts that will be needed to treat your old pass-thru as temporarily restricted.