QUESTION:

What is the process to close out the Change Fund (Cashbox) at year end?


RESPONSE:

For a successful year end rollover, the Change Fund (Cashbox) category must have a zero balance, as of the year end rollover date.


If the balance is not zero, prior to the automated or manual rollover process, 

a.    the auto rollover cannot be completed, or

b.    the manual rollover, once completed will display a difference in the Chart of Accounts black boxes. 


PROCESS:

  1. If there is a balance in the Change Fund (Cashbox) as of the year end rollover date, create a cash out of that balance using the Change Fund (Cashbox) category.
    1. If the funds are physically deposited to the bank, create a deposit in the deposit module using the Change Fund (Cashbox) category.
    2. If the funds are not physically deposited in the bank, create a credit memo on the ledger inquire in the amount of the Change Fund (Cashbox) cash out, previously created using the Change Fund (Cashbox) category.
  2. Run Report #2, selecting Change Fund (Cashbox) category, to confirm the balance is zero.


When you are ready to move to the Year End Rollover process, select one of the following articles.

Year End Rollover - Automated Process

Year End Rollover - Manual Process