Reconciling the Budget Category

Discuss questions around local unit policies for budgeting, reconciling, etc. This forum should not contain specific financial or membership information.
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aebrown
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#11

Post by aebrown »

cdawardclerk wrote:After printing out a recent budget report I noticed that several DC and Corporate Express orders were assigned to the parent category 'Budget'. These are the adjustments that are made to MLS that show in the Misc. section of the monthly Ward Financial Statement. I remember recently reading somewhere in one of the forums that this should not be done...I think I should have made the adjustment to our 'Ward Administration' category. The parent category 'Budget' shows a negative amount and the 'Ward Administration' budget category is not accurately reflecting the truse balance.

Can I go back and change the categories without having to make further adjustments? Do I need to notify SLC Headquarters if I make these changes or do I just 'Transmit/Receive' after the changes are made?

I appreciate the help and I am learning more every week from these forums...I only wish that I would have known about LDS Tech over a year ago when I received my calling.

You're correct that you should never have any expense charged to the parent Budget category -- all budget expenses should be to the appropriate subcategory.

To correct this, you simply go to each expense (View/Update Expenses from the Finance screen) and change the category to be the specific subcategory. Since you are making the adjustment within a major category (Budget in this case), the accounting is all local to your MLS -- nothing needs to be transmitted to CHQ.
cdawardclerk-p40
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Location: Coeur d'Alene, ID USA

Reconciling the Budget Category

#12

Post by cdawardclerk-p40 »

[quote="Alan_Brown"]You're correct that you should never have any expense charged to the parent Budget category -- all budget expenses should be to the appropriate subcategory.

To correct this, you simply go to each expense (View/Update Expenses from the Finance screen) and change the category to be the specific subcategory. Since you are making the adjustment within a major category (Budget in this case), the accounting is all local to your MLS -- nothing needs to be transmitted to CHQ.[/quote]

Thank you Alan. I was leaning in that direction to correct this but it seemed too easy and that's what caused me to pause and question. If I understand you correctly these changes will have no effect on the reconcilliation process.
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