Income not showing on Budget Report

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UhrichCS
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Income not showing on Budget Report

Postby UhrichCS » Mon Sep 08, 2014 7:01 am

I'm trying to figure out how to get income to show on the Budget Report. We have our Financial Clerk putting in Scout Camp Funds into MLS under an "Other" bracket as well as they had a fundraiser which goes in another bracket, but this income doesn't show up on the Budget Report. Is this even possible to show on that report and if so how do I correct that? Our Bishop is looking for a consolidated report showing budgets but also wants to show how much the Scouts contributed into this other account and fundraiser. He basically wants that income to show on that report. Thanks!

eblood66
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Re: Income not showing on Budget Report

Postby eblood66 » Mon Sep 08, 2014 7:16 am

UhrichCS wrote:I'm trying to figure out how to get income to show on the Budget Report. We have our Financial Clerk putting in Scout Camp Funds into MLS under an "Other" bracket as well as they had a fundraiser which goes in another bracket, but this income doesn't show up on the Budget Report. Is this even possible to show on that report and if so how do I correct that? Our Bishop is looking for a consolidated report showing budgets but also wants to show how much the Scouts contributed into this other account and fundraiser. He basically wants that income to show on that report. Thanks!

"Other" income and budget income are two kinds of funds with different purposes and can't be shown on the same report at the same time. You can print a Budget report for the budget and an Income/Expense report for the Other account but there is no combined report.

It really isn't appropriate to look at it all as one amount either since the Other account can only be used for camp whereas budget can be used for both camp and other things. It's important to know how much is available for all activities and how much is only available for camp.

chuckvance
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Re: Income not showing on Budget Report

Postby chuckvance » Wed Aug 26, 2015 7:28 pm

Income not showing on Budget Report: our Stake spent more money for Helaman's Camp than was allocated. However, we are now getting money in from each of our wards for their portion of this camp. This money will put the Helaman's Camp Budget back into the black. I have entered these checks coming in from the wards, into Other, and they show up on the "Income and Expense Detail Report by Subcategory". However, when I pull up the "Budget Allowance Summary Report", and look under the Subcategory "Helamans Camp", it does not show under "Income" nor anywhere else in this report, this money that I have entered. Should this money show up in the "Budget Allowance Summary Report", under "Income"?

eblood66
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Re: Income not showing on Budget Report

Postby eblood66 » Wed Aug 26, 2015 7:57 pm

Is the money from the wards coming from their budgets or is it money that members have paid for attendance at the camp?

If the money is from ward budget funds then you should probably put them in the budget subcategory rather than the Other account. You can go back and re-categorize 'donations' for any checks already deposited. Normally you don't deposit into a budget subcategory but if its for a shared expense where other units are reimbursing for their part of the expenses then it's appropriate. In this case the funds will then show up as income on the budget report.

On the other hand, if the money is coming from the participants then it should be put in the Other category. In that case you want to go to some of the expenses that were already paid and re-categorize them to the Other account until you've used up the amount paid by participants. In this case some of the expenses in the budget category will be cancelled out. The net effect will be that the budget is in the black again.

russellhltn
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Re: Income not showing on Budget Report

Postby russellhltn » Wed Aug 26, 2015 9:18 pm

chuckvance wrote:Income not showing on Budget Report: our Stake spent more money for Helaman's Camp than was allocated. However, we are now getting money in from each of our wards for their portion of this camp. This money will put the Helaman's Camp Budget back into the black. I have entered these checks coming in from the wards, into Other, and they show up on the "Income and Expense Detail Report by Subcategory". However, when I pull up the "Budget Allowance Summary Report", and look under the Subcategory "Helamans Camp", it does not show under "Income" nor anywhere else in this report, this money that I have entered. Should this money show up in the "Budget Allowance Summary Report", under "Income"?

If I understand you correctly, you placed the funds into "Other" but you're expecting it to be in the "Budget report"? I don't think those two are related.

Depending on where those funds came from, you might want to recatorize some of of the expenses so they come from this "Other" account. Whatever you do, avoid placing funds that came from members into budget. Otherwise, your auditor is likely to be unhappy.
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daveywest
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Re: Income not showing on Budget Report

Postby daveywest » Thu Aug 27, 2015 3:47 pm

As a stake clerk with over 5 years experience, I'd like to suggest how to appropriately handle accounting for activities funded from mixed sources.

If the event is to be completely funded from budget allotments, use the appropriate auxiliary budget category (or sub-category for larger events like camps that would have multiple reimbursements).

If the event is to be completely funded by member contributions, create a temporary Other:AMFA account and use this account for all income and expenses. Do not allow leaders to spend funds that have not yet been collected. HQ will send you a terse letter if the Other account is overspent.

If the event is partially funded from budget and partially funded from member contributions, create a temporary Other:AMFA account. This account should be immediately funded with a check cut from the ward for the estimated budget contribution. All checks and deposits for the event, should be posted to this Other account. Any excess remaining can be returned to the ward budget to zero the account after the event is concluded.


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