Comparing Other Category Balance with the Finance Statement
Posted: Wed Aug 26, 2009 3:57 pm
Comparing Other Category Balance with the Finance Statement
I just had a stake audit done and the auditor said the Other category balance from the Income/Expense Report (I/ER) does not match the Finance Statement for the same time period. I don’t think the auditor really knew what he was looking at.
1. The auditor said the Net Funds available (for the other category) in the Finance Statement should be the exact same as the total for the Other category in the I/ER. Is this true?
a. I don’t think it’s true because it does not take into account temporary adjustments made during the Reconciliation, correct?
b. The Net funds available does take into account outstanding checks, correct?
2. What is the best way to verify the Other category in the I/ER matches the Finance statement? Are the only ways this:
a. After reconciliation the MLS balance in the other category should match the other total in the I/ER, correct?
b. The other total from the I/ER should equal The Nets funds available if the temp. adjustments in the reconciliation are added/subtracted to the net funds available, correct?
3. Are there any other ways to verify there are no problems with the Other total in the I/ER in MLS?
THANK YOU
I just had a stake audit done and the auditor said the Other category balance from the Income/Expense Report (I/ER) does not match the Finance Statement for the same time period. I don’t think the auditor really knew what he was looking at.
1. The auditor said the Net Funds available (for the other category) in the Finance Statement should be the exact same as the total for the Other category in the I/ER. Is this true?
a. I don’t think it’s true because it does not take into account temporary adjustments made during the Reconciliation, correct?
b. The Net funds available does take into account outstanding checks, correct?
2. What is the best way to verify the Other category in the I/ER matches the Finance statement? Are the only ways this:
a. After reconciliation the MLS balance in the other category should match the other total in the I/ER, correct?
b. The other total from the I/ER should equal The Nets funds available if the temp. adjustments in the reconciliation are added/subtracted to the net funds available, correct?
3. Are there any other ways to verify there are no problems with the Other total in the I/ER in MLS?
THANK YOU