Wrong Account Type
Business noticed something while preparing our entries to
re-allocate the 2017 equity accounts to the 2016 CAFR, which are standard each
year.
Account 221017 “Meet Fees (Pass-Thru)” should be a Liability
account. However, when it was input, the Account Type was incorrectly
coded as an Expense. Because of this, the balance of the account at the
end of 2016 is closing out to Fund Balance, in the 3XXXXXX series. Like
any asset or liability account, the balance should just carry over to the next
year.
Business change the account “Account Type” to
“Liability,” and when we ran another 2017 trial balance, it appears that it is
0