Do the other fund and categories have positive balances

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Michaeljefferyjones
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Joined: Sun Jul 12, 2009 10:14 am
Location: South Shields Tyne & Wear

Do the other fund and categories have positive balances

Postby Michaeljefferyjones » Tue Jun 24, 2014 1:09 am

The Stake Audit is due and this is new to me. The question I have been asked so I can be ready for the Auditi is:
Does the other fund and if possible sub categories have positive balances. The previous Clerk is not available to help me.

Any help will be greatly appreciated on how to deal with this matter. A step by step process would be most helpful.
Michael :confused:

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aebrown
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Joined: Tue Nov 27, 2007 8:48 pm
Location: Sandy, Utah

Re: Do the other fund and categories have positive balances

Postby aebrown » Tue Jun 24, 2014 5:35 am

Michaeljefferyjones wrote:Does the other fund and if possible sub categories have positive balances?

First, I would highly recommend that you study the RKATS article The "Other" Category. That will give you foundational understanding of the principles involved.

One specific technique that is not mentioned in that article is the use of the Income and Expense Report. When you are trying to get a handle on what's happening with the Other category, this is a great tool:
  1. Go to the Income and Expense report in the Finance section of MLS.
  2. In the dropdown in the upper right corner, choose "Summary by subcategory"
  3. Check the box by "Other" (which will automatically check all the boxes for the subcategories of Other)
  4. Print the report.
  5. Analyze the report for any categories that have deficits, or that have surpluses but you have no current plans to use the funds for the specified purpose.
  6. If you need a deeper understanding of what's happening in a particular subcategory, use the Income and Expense report, choosing "Details by subcategory". The default date range is the current year, but it might be helpful to choose "All" to see all the relevant transactions in MLS when you want to know how money came into and went out of that subcategory.


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