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Error: **E Debits do not equal credits for fund "abc" in year 20xx" when running my GL Edit Report.
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In trying to post journal entries, I receive this error when I run the G/L Journal Entry Edit Report: **E Debits do not equal credits for fund "abc" in year 20xx"
Answer:
This is typically caused when you are making a manual journal entry to move money from one fund to another and one bank account to another.
One has to remember that FIMS is a double entry bookkeeping program and that each individual donor fund has its own General Ledger. This is easy to forget since all the donor fund ledgers reside on the Account tab in the General Ledger.
If you made an entry to move the money from the ABC fund in the checking account to the DEF fund in the Pool:
DEF Fund 12000 Pool Account for $20,000 - DR
ABC Fund 10000 Cash Account for $20,000 - CR
You will have to fix it by adding two more journal entries. In the end, you will need to have the following:
ABC Fund 10000 Cash Account for $20,000 - CR
ABC Fund xxxxx Account for $20,000 - DR
where xxxxx might be a Transfer, Income or Expense account depending upon what is being moved and why.
DEF Fund 12000 Pool Account for $20,000 - DR
DEF Fund xxxxx Account for $20,000 - CR
where xxxxx might be a Transfer, Income or Expense account depending upon what is being moved and why.
This journal, of course, assumes that this was followed by a transfer of $20,000 from the checking account to the pool at the Bank.
One has to remember that FIMS is a double entry bookkeeping program and that each individual donor fund has its own General Ledger. This is easy to forget since all the donor fund ledgers reside on the Account tab in the General Ledger.
If you made an entry to move the money from the ABC fund in the checking account to the DEF fund in the Pool:
DEF Fund 12000 Pool Account for $20,000 - DR
ABC Fund 10000 Cash Account for $20,000 - CR
You will have to fix it by adding two more journal entries. In the end, you will need to have the following:
ABC Fund 10000 Cash Account for $20,000 - CR
ABC Fund xxxxx Account for $20,000 - DR
where xxxxx might be a Transfer, Income or Expense account depending upon what is being moved and why.
DEF Fund 12000 Pool Account for $20,000 - DR
DEF Fund xxxxx Account for $20,000 - CR
where xxxxx might be a Transfer, Income or Expense account depending upon what is being moved and why.
This journal, of course, assumes that this was followed by a transfer of $20,000 from the checking account to the pool at the Bank.
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