Outstanding checks in Other

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RossEvans
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Outstanding checks in Other

Postby RossEvans » Wed Feb 18, 2009 10:25 am

I should know the answer to this, but I'm befuddled.

During reconciliation, there were three outstanding checks in Other subcategories, which had been written to Corporation of President to zero these accounts. Because the checks did not clear before the end of the month, the checks are properly listed as "outstanding."

Unlike outstanding checks in Budget, which automatically have offsetting outstanding transfers, the checks in Other leave a difference that prevents the Other account in the bottom line of reconciliation from being zero. Do I need to create "Temporary" offsetting items for purposes of the reconciliation?

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aebrown
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Postby aebrown » Wed Feb 18, 2009 10:28 am

boomerbubba wrote:I should know the answer to this, but I'm befuddled.

During reconciliation, there were three outstanding checks in Other subcategories, which had been written to Corporation of President to zero these accounts. Because the checks did not clear before the end of the month, the checks are properly listed as "outstanding."

Unlike outstanding checks in Budget, which automatically have offsetting outstanding transfers, the checks in Other leave a difference that prevents the Other account in the bottom line of reconciliation from being zero. Do I need to create "Temporary" offsetting items for purposes of the reconciliation?


No, all you need to do during reconciliation is make sure that you don't put a check mark by those checks in the Expenses tab of the Reconciliation step. Then those checks will be listed on your reconciliation report as Outstanding, and you should balance just fine (at least as regards those checks).

RossEvans
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Postby RossEvans » Wed Feb 18, 2009 10:37 am

Alan_Brown wrote:No, all you need to do during reconciliation is make sure that you don't put a check mark by those checks in the Expenses tab of the Reconciliation step. Then those checks will be listed on your reconciliation report as Outstanding, and you should balance just fine (at least as regards those checks).


Thanks for the prompt reply.

So the bottom-line on the reconciliation report does not have to read $0.00 for all categories? I thought it does.

Right now (I'll reconfirm this when I get back to the clerk's office) I did not put a check mark next to those checks. But the Other account on the reconciliation line is equal to the sum of these three checks, all zeroes in Budget, Tithing, Missionary. etc.

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Postby RossEvans » Wed Feb 18, 2009 12:04 pm

Never mind :confused: I found my error elsewhere.

On the first screen of the reconciliation process, I had entered the balances from the wrong source. (I had used the summary at the beginning of the statement instead of the ending balance at the end.)

Should have known better. I think I will go take a refresher course on reconciliation using the materials that Alan put together.

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aebrown
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Postby aebrown » Wed Feb 18, 2009 12:05 pm

boomerbubba wrote:So the bottom-line on the reconciliation report does not have to read $0.00 for all categories? I thought it does.


The line from the Reconciliation Report that has to equal 0 is the Unreconciled Differences line. Since those uncleared checks will not be included in the Ending Balance line from the CUFS, and not checking them off in the reconciliation process will also not include them, there will be no unreconciled difference.


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