Fund Balance Sheet and Suspense Account
Posted: 22 Nov 2016, 10:32
Hi.
Please help. I am managing a Charity account for the first time using SAGE line 50 - I am also an accounting student.
The Charity has 1 main Bank account and 5 extra bank accounts for separate funds. Donations and expenses are managed from the main account always. So if any money comes in for a Fund account it comes in to the Main account and moved to the respective fund via bank transfer and same is for expenses.
Under the FUNDS I have 14 Funds (of which only 4 have a separate bank account as above)
Questions:-
1)) When I try to run the Balance sheet by FUNDS it does not list any funds on it.....what am I doing wrong , do I have to change the nominal codes..as of now the default code is 3200 ie Fund.
2)) I had an opening balance for the Main Bank account and a Fund account which I entered when setting up the accounts. the default journal entry is reflecting in Suspense account for both the opening balances...how do I rectify that.
3)) How do I enter Opening and Closing FUND balances in the FUNDS section??
Please help. I am managing a Charity account for the first time using SAGE line 50 - I am also an accounting student.
The Charity has 1 main Bank account and 5 extra bank accounts for separate funds. Donations and expenses are managed from the main account always. So if any money comes in for a Fund account it comes in to the Main account and moved to the respective fund via bank transfer and same is for expenses.
Under the FUNDS I have 14 Funds (of which only 4 have a separate bank account as above)
Questions:-
1)) When I try to run the Balance sheet by FUNDS it does not list any funds on it.....what am I doing wrong , do I have to change the nominal codes..as of now the default code is 3200 ie Fund.
2)) I had an opening balance for the Main Bank account and a Fund account which I entered when setting up the accounts. the default journal entry is reflecting in Suspense account for both the opening balances...how do I rectify that.
3)) How do I enter Opening and Closing FUND balances in the FUNDS section??