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I have some questions about general accounting practices and thought that I might be able to get some answers here.
What is the standard for posting zero dollar debits and credits? They don't accomplish anything and I see that at least some software prevents you from entering them. Is there any reason that you would want to allow them? Does FE allow them?
We have a pledge with ten installments split between three funds all of which go to the same account. Would you want to see this as one debit/credit pair for the entire transaction; one debit/credit pair for each split; or one debit/credit pair for each split and installment?
Drew
__________________ J. Drew Allen
Children's Hospital of Philadelphia
Crystal Reports and SQL Server Consultant
It is better to live your destiny imperfectly than to live an imitation of somebody else's life with perfection.
FE does allow $0 transactions to post. But there's a biz rule that will prevent them from posting. I've been in situations where a subledger will create a $0 transaction and you're forced to post it. It's been a while and I can't recall the exact scenario, but I think it had to do with credit memo applications.
As for the second part... I'm assuming each fund is associated with a different FE project. And if it is, then when you post the transactions, it will be broken down by fund/project/split within the account number. If I'm assuming wrong, tell me and I might change my response!
__________________ Ali Lewis
Database and Web Manager
Jewish Women International www.jwi.org
FE does allow $0 transactions to post. But there's a biz rule that will prevent them from posting. I've been in situations where a subledger will create a $0 transaction and you're forced to post it. It's been a while and I can't recall the exact scenario, but I think it had to do with credit memo applications.
As for the second part... I'm assuming each fund is associated with a different FE project. And if it is, then when you post the transactions, it will be broken down by fund/project/split within the account number. If I'm assuming wrong, tell me and I might change my response!
We're actually not using FE and our accountants don't trust RE, so they really only want detail to what would be the fund level in FE. They're planning to do the "project" stuff manually. The main question is whether you would do it for each installment.
Drew
__________________ J. Drew Allen
Children's Hospital of Philadelphia
Crystal Reports and SQL Server Consultant
It is better to live your destiny imperfectly than to live an imitation of somebody else's life with perfection.
I have some questions about general accounting practices and thought that I might be able to get some answers here.
What is the standard for posting zero dollar debits and credits? They don't accomplish anything and I see that at least some software prevents you from entering them. Is there any reason that you would want to allow them? Does FE allow them?
We have a pledge with ten installments split between three funds all of which go to the same account. Would you want to see this as one debit/credit pair for the entire transaction; one debit/credit pair for each split; or one debit/credit pair for each split and installment?
Drew
I wish the option didn't exist. From a general ledger point of view, posting a zero is just a waste of a line.
On a slightly different topic, we do have to post journal entries that do not balance; but only in the case of budget journal.
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