memorial fund balance correction

[Carol D]

I'm trying to clean up some accounting for a memorial fund balance.
We started using PowerChurch at the beginning of 2017. when setting up the accounts etc. we neglected to set up a memorial fund in the 02 designated account for a memorial fund. There was a 2016 balance of 450.00 that was maintained outside of the accounting software.
We received 1000.00 towards this memorial in 2017. It was entered through contributions to an income account in the general 01 fund.
I successfully set up the 02 inc,exp and fund balance accts for this memorial fund and moved the 2017 contribution of 1000.00 from the 01 fund to 02.
I then put in a transaction to account for the 450 from 2016. So now my 02 memorial fund is showing the correct total of 1450.00. However my 01 fund is over by 450.
I think I need to put in a transaction to subtract this amount of money from the 01 general fund.
I am not confident of how that looks.

I think I need to credit my 01-1110-000 main checking and
debit my 01-3110-000 General Fd Balance accounts.

Would this be correct?
Hopefully I have given enough information for you to help me.

Carol

[NeilZ]

I'm trying to clean up some accounting for a memorial fund balance.
We started using PowerChurch at the beginning of 2017. when setting up the accounts etc. we neglected to set up a memorial fund in the 02 designated account for a memorial fund. There was a 2016 balance of 450.00 that was maintained outside of the accounting software.
We received 1000.00 towards this memorial in 2017. It was entered through contributions to an income account in the general 01 fund.
I successfully set up the 02 inc,exp and fund balance accts for this memorial fund and moved the 2017 contribution of 1000.00 from the 01 fund to 02.
I then put in a transaction to account for the 450 from 2016. So now my 02 memorial fund is showing the correct total of 1450.00. However my 01 fund is over by 450.
I think I need to put in a transaction to subtract this amount of money from the 01 general fund.
I am not confident of how that looks.

I think I need to credit my 01-1110-000 main checking and
debit my 01-3110-000 General Fd Balance accounts.

Would this be correct?
Hopefully I have given enough information for you to help me.

Carol

The problem is that you may not have properly moved the 2016 funds over to the 02 Accounting Fund. What was the transaction you used to move the $450.00?

Do not credit your checking and debit the net assets (fund balance) because basically anything you do to the Checking will affect the fund balance automatically.

[Carol D]

i entered a transaction for dec 2016 to account for original fb
02-3275-275 p.stup mem fb credit 450
02-1110-200 design main chk debit 450

i entered a transactin for dec 2017 to move the money in 2017 to designated fund
01-1110-000 gen chk credit 1000
01-4036-000 p.stup inc debit 1000
02-1110-000 design. main chk debit 1000
02-4275-275 p.stup inc cedit 1000

my 02 fund balance for p.stup is 1450.00

[NeilZ]

i entered a transaction for dec 2016 to account for original fb
02-3275-275 p.stup mem fb credit 450
02-1110-200 design main chk debit 450

i entered a transactin for dec 2017 to move the money in 2017 to designated fund
01-1110-000 gen chk credit 1000
01-4036-000 p.stup inc debit 1000
02-1110-000 design. main chk debit 1000
02-4275-275 p.stup inc cedit 1000

my 02 fund balance for p.stup is 1450.00

The problem is that the first transaction didn't move any funds. You used accounts in the same accounting fund. You need to reverse that first transaction.

Also, why are you using a different net assets account in the 02 fund. Unless these funds need to be restricted further, you've already restricted them by having a separate accounting fund. Just wondering.

This transaction will move the funds, note it will be using TRANSFER accounts.

01-1110-000 CR 450.00
01-9010-000 DB 450.00
02-9510-000 DB 450.00
02-1110-000 CR 450.00

this will move the funds, it will also reflect in the Accounting Fund Balances report that the transfer was made, and the system will adjust the unrestricted Net Assets account automatically. If you need to restrict these funds further let me know.