Deposit Adjustment

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gonzi-p40
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Joined: Fri Aug 15, 2008 6:23 am

Deposit Adjustment

Postby gonzi-p40 » Mon Sep 07, 2009 12:46 pm

What adjustments do I need to enter in MLS to reconcile a deposit that included a $50 money order erroneously declared as currency, and the banks receipt of $5 more in cash than declared? Our CUFS lists both a $45 debit and a $50 credit to the same deposit. The $45 shortage is shown by the bank to be a currency debit (The $50 money order/check minus the $5 bank credit). The $50 bank credit is presumed to be a check credit, verifying the bank received $50 more than declared in checks. Monies deposited were revenue received from the sell of food at a community youth fair (not donations) to pay for the annual scout and young women’s camps.

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aebrown
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Location: Sandy, Utah

Postby aebrown » Mon Sep 07, 2009 1:58 pm

gonzi wrote:What adjustments do I need to enter in MLS to reconcile a deposit that included a $50 money order erroneously declared as currency, and the banks receipt of $5 more in cash than declared? Our CUFS lists both a $45 debit and a $50 credit to the same deposit. The $45 shortage is shown by the bank to be a currency debit (The $50 money order/check minus the $5 bank credit). The $50 bank credit is presumed to be a check credit, verifying the bank received $50 more than declared in checks. Monies deposited were revenue received from the sell of food at a community youth fair (not donations) to pay for the annual scout and young women’s camps.


To fix this, go into the batch (View/Update Donations, then click on the date) and then:

  1. To fix the $5 bank credit, on the Donation step enter a new $5 donation for a donor named Anonymous (if you don't have such a donor, add a new donor of type "Not a member/miscellaneous"). Credit it to the appropriate subcategory of Other for your Scout/YW camp. List it as $5 in Notes. As you save the donation, enter the reason "Bank credit" or something like that.
  2. Go to the Review step, then find the donation associated with the money order. Click on the donor's name.
  3. Change the currency amount to be $50 less, and enter a check for $50 in the check area. As you save the donation, enter the reason "Money order incorrectly entered as currency" or something like that.
  4. Print new deposit and batch reports, and file them with the original reports with a notation such as "Corrected 9 September 2009".
  5. Transmit your changes.
That should take care of the long-term effects. It should also make last month's financial statement balance, since your adjustments will be dated last month (assuming the batch was in last month). But if not, in the short term, you might need to create a Temporary Item as you reconcile, that you can then check off next month when the effects of the above changes appear on this month's statement.


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