LII Contributions - Posted to incorrect GL Account

In Logos II, Manage Funds, the Fund is set up with a Checking Account and an Income Account. When you sync this with Logos GL, whether through a link or through import, a deposit is created in GL which Debits the Checking Account and Credits the Income Account. If these accounts are set up incorrectly in Manage Funds, there are two ways you may update your records to the correct accounts.

The first way is by fixing the whole batch at once.

Please note: when you void it will create reversing transactions in Logos GL; then when you repost, it will create new transactions in Logos GL. It is very important to keep the incorrect accounts in Manage Funds for the Void and update them before the repost.

The second way is by fixing only the deposit on the GL side and updating the accounts in Manage Funds in Logos II. This may be done if the batch has only a few items that were posted to the wrong accounts and many others that all went to the correct accounts – since batches may have contributions posted toward several different funds

  • Update the accounts in Manage Funds 
  • In Logos GL, get a posting report for the deposits which were made to the incorrect funds 
  • In Logos GL, Individual Transactions, create transactions which reverse the initial deposit and which record the correct deposit.
  • The following is a made up example: 

Run General Ledger/Other Reports/Journal Reports/Type=CR to get the exact transaction you need to update.

Then, if you need to do so, run the Deposit Report so you know which deposit slip number to use. Image
In this example, the correct checking account was used and only the Income Account must be changed. Go into General Ledger/Individual Transactions and Debit the Income account from which you are moving the funds, and Credit the Income account to which you are moving the funds.

Please note: you will ALWAYS need to use Journal Type CR for the transaction to affect your bank reconciliation—when you are transferring money from one bank account to another.

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