Handling religious organization 'earmarked' funds and in-kind contributions
Maf. King
maf at chilwell.net
Thu May 25 07:32:40 EDT 2017
Hi Anita.
why would you expect a change in the opening balance account?
At the start of the year, you have some money (say €100), which shows up in an
asset account as you say, transferred from Equity:OpeningBalances.
You spend most of the money - so asset drops to €14, and expenses:whatever is
up to €86
Your donor is happy to "unrestrict" the little bit of leftover, so asset goes
to zero and Bank or Cash goes up by €14
Your opening balance was, is, and will always be €100. It is a fixed point in
time - on April 1st (or whenever the year started) - not a running balance.
HTH,
Maf.
On Thursday, 25 May 2017 12:11:07 BST Anita Graves wrote:
>
> Now, the money has been spent, except for about Euro 14 which I have
> returned to the cash account. The asset account for the balance forward
> was decreased to zero, and the expense accounts reflect the accurate
> transactions.
>
> Problem: There was no corresponding reduction in the Equity:Opening
> Balances account. Why? Why not? How can I fix that?? I don’t know how
> to carry forward balances from one file to the next (i.e., from one year to
> the next. I opened a new file for a new year by exporting the account tree
> and started with 0 balances in every account.
>
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