Show a refund amount in RE in certain Month to reconcile with accounting

Enid Zimmerman · April 2015

Hi -

Our Finance dept had to send a refund to a donor last month for a gift that was entered in May of 2014. I want to reconcile with Finance for March 2015, so I need to show this "credit" in RE, but I can't adjust the actual gift record because it was in May of 2014, and accounting has already closed that period. I'm just trying to figure out how to have RE for month of March 2015 match the GL for Finance in the same month?

Any ideas???

JoAnn Strommen · April 2015

Enid,

You should be able to adjust the gift to $0 or amount needed. For the Adj GL post day use the March date the refund was done. Have you posted all your March activity? If not, when finance posts for March the adjustment should show for March just like their refund. If you have posted. I would just ask them to post again picking up this gift.

Haven't tested but think it should work.

JoAnn Strommen · April 2015

JoAnn Strommen:

Enid,

You should be able to adjust the gift to $0 or amount needed. For the Adj GL post day use the March date the refund was done. Have you posted all your March activity? If not, when finance posts for March the adjustment should show for March just like their refund. If you have posted. I would just ask them to post again picking up this gift.

Haven't tested but think it should work.

And be sure to check the box for 'use adjustment GL post date for the reversal....

When I say I haven't tested I don't work with the FE side but I know this is our procedure when we've issued credits/refunds a few times. This is what our CFO has said works for her.

Susan Leslie · April 2015

I agree with JoAnn. Our process is the same. Make your adjustment dated the day of the return and make sure that box is checked. Our RE is intregrated with FE and it works great for us.

Show a refund amount in RE in certain Month to reconcile with accounting

Comments

Categories