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Level 1
September 6, 2024
Question

changes to fund balance

  • September 6, 2024
  • 2 replies
  • 3 views

Due to voiding some checks from a previous year there is an adjustment to the fund balance.

where on the tax forms to I record this.  I am getting error messages and this is the exact amount because the beginning balance was adjusted in  my books 

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    2 replies

    IRonMaN
    Level 15
    September 6, 2024

    If the voided checks were significant, you should amend the prior year return.  If they were piddly, adjust the current year expenses for the voids.

    Slava Ukraini!
    Accountant-Man
    Level 13
    September 6, 2024

    If the prior year tax return was completed before those checks were voided, then they were already deducted. Either amend the prior year, or make adjustments in the current year instead of voiding them.

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