Question on Excess Income/Expense Account & new fiscal y

nccchurch · Post by **nccchurch** » Mon Oct 08, 2007 9:11 am

I am trying to figure out how to close excess income/expenses to Fund balance in a ministry year-end process. All of our accounts are set to close to 3002. I have just closed August (the last month of our fiscal year) and the treasurer expected to see Acct 3002 now being zero as we begin our new year. However it is a negative number (-1,348,734.03). He wants 3002 to close to Fund Balance 3001 at the end of the fiscal year. Is this a transaction that I need to do manually?

Any help would be greatly appreciated.

Kathy in Cincinnati

Post by **Jeff** » Mon Oct 08, 2007 9:38 am

Starting in version 9, PC+ was designed to not use an excess income/expense account (also known as an income closing account) and just update the equity balance directly. You can setup it up to close to an income closing account, like you have done, but you will have to manually put in the closing entry to move the balance from your 3002 account into the 3001 account.