Correcting Year to Date Expenses

[Mt Olive Church]

Is it possible to correct the year to date total expenses without affecting other totals? My YTD is incorrect by 1500.00.

[NeilZ]

Is it possible to correct the year to date total expenses without affecting other totals? My YTD is incorrect by 1500.00.

Not sure what you mean that its off by $1,500. Was the money not spent, or were transactions posted to the wrong month?

As you can see, there is more information needed as to what you are trying to do and why.

[Mt Olive Church]

I posted a refund amount in January, however did not credit the expense account, resulting in total expenses being incorrect. I want to correct total expenses and post to February if possible. January financial reports have been church approved in business meeting and cannot be altered.

[NeilZ]

I posted a refund amount in January, however did not credit the expense account, resulting in total expenses being incorrect. I want to correct total expenses and post to February if possible. January financial reports have been church approved in business meeting and cannot be altered.

If that is indeed the case, where the church board can not approve changes made in financial reports found during a normal review, then you really can't do much about it.

My original suggestion would have been to reverse the original posting, then enter a new transaction that properly credits the expense and debits the checking.

I'm not sure how you would fix this problem, as anything you do will change the expenses as well as whatever account you first credited in January. I would check with the Board or whomever does this approval to see what they expect you to do in this sort of situation.

You have no choice. You either have to reverse the original transaction, then enter the correct one for January, or debit the original account you credited for the amount, in the same transaction you wish to credit the expense account for February. That's going to change reports one way or another.

[Mt Olive Church]

Thank you so much for your input. This helps me tremendously!