Returned Checks

Discuss questions around local unit policies for budgeting, reconciling, etc. This forum should not contain specific financial or membership information.
kmalone-p40
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Posts: 89
Joined: Sun Jun 22, 2008 5:03 pm

#11

Post by kmalone-p40 »

So after I create a temp how is it corrected the following month that allows me to see it the statement so I know I can clear the temp item?
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aebrown
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Joined: Tue Nov 27, 2007 8:48 pm
Location: Sandy, Utah

#12

Post by aebrown »

kmalone wrote:So after I create a temp how is it corrected the following month that allows me to see it the statement so I know I can clear the temp item?

On the statement that shows the canceled donation (often this will be in the following month's statement), you will see an entry in section III that will show a credit to the Other category and a charge to the category(ies) of the original donation , reflecting that the administration office has
  1. Restored the funds in the Other category that were taken out when the check was returned, and
  2. Reduced the totals for the donation batch to reflect the cancelation of the donation.
Once you see those transactions appear on the financial statement, you can clear the temporary item.
kmalone-p40
Member
Posts: 89
Joined: Sun Jun 22, 2008 5:03 pm

#13

Post by kmalone-p40 »

Alan_Brown wrote:On the statement that shows the canceled donation (often this will be in the following month's statement), you will see an entry in section III that will show a credit to the Other category and a charge to the category(ies) of the original donation , reflecting that the administration office has
  1. Restored the funds in the Other category that were taken out when the check was returned, and
  2. Reduced the totals for the donation batch to reflect the cancelation of the donation.
Once you see those transactions appear on the financial statement, you can clear the temporary item.
Perfect this what I needed to know

Thank you
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