Accounting
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Accounting
After initial set-up and posting all of my 1st month's transactions in PC, I realized I had not put entries for my outstanding checks from the former accounting program. I began at my new fiscal year (Sept.) What now? I don't want these to pull from my 2005-2006 balances in my COA. Thanks.
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Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
You will need to enter these checks into the system, do an accounting adjustment to offset the entries, and then clear the accounting adjustment from your bank reconciliation. I would recommend creating a temporary "Expense Clearing" account for this purpose.
Enter all of the outstanding checks in Fund Accounting (not Accounts Payable) and debit the Expense Clearing account and credit the checking account for each entry. Once complete, total up all of the outstanding checks you entered and then input one accounting adjustment into Fund Accounting for the total. Debit the checking account and credit the Expense Clearing account for this amount. This will "wash" the accounting effects from entering the checks and net everything to zero. Then finally, go into the bank reconciliation in Fund Accounting, enter your bank ending balance, and then clear the accounting adjustment entry. This should get your bank reconciliation back into balance.
Enter all of the outstanding checks in Fund Accounting (not Accounts Payable) and debit the Expense Clearing account and credit the checking account for each entry. Once complete, total up all of the outstanding checks you entered and then input one accounting adjustment into Fund Accounting for the total. Debit the checking account and credit the Expense Clearing account for this amount. This will "wash" the accounting effects from entering the checks and net everything to zero. Then finally, go into the bank reconciliation in Fund Accounting, enter your bank ending balance, and then clear the accounting adjustment entry. This should get your bank reconciliation back into balance.