To see how each fund balance transfers into Net Assets, follow these instructions just prior to running the End of Year process.
From CMS Ledger & Payables, click the Statement of Activities button.
Click the Funds button on the left. Click the Remove All button in the middle and add back over one of your Funds. Click OK.
Change the Print To: option and print the report to your printer. Click Print.
Click back into Funds and remove the fund you just printed and add back over the next fund. Click OK.
Repeat with any remaining funds.
Next, click Reports | Statements | Statement of Financial Position.
Click the Preferences button and click the check to include the Account Codes. Click OK.
Click Print and print the report to your printer.
Circle your Ending Balances for your Net Assets.
In this example, you can tell which Net Assets belong in which fund by looking at the Account Code.
For Account 301, the account code is N-2-90-01, and the ending balance is 1,730,000.00.
For Account 302, the account code is N-3-90-01, and the ending balance is 1,280.40.
This means that Account 300 is in Fund #1, Account 301 is in Fund #2, and Account 302 is in Fund #3.
Next, add your Income minus Expense to your Ending Balances to find your New Beginning Balance.
In our example, the Operations Fund #1
Income minus Expense 16,226.84
Ending Balance 24,850.60
When you run End of Fiscal Year, the system will ask that you assign a Net Asset account for each fund to record the difference between income and expense. Be sure the Net Asset accounts are appropriate when running End of Fiscal Year.
After you've run End of Fiscal Year, print a New Statement of Financial Position.
Click the Report Columns and include a column for Beginning Balances. Click OK.
Review your beginning balances. They should be the same as what you have calculated!
* If you have created a beginning balance entry, your beginning balances will be different by that amount.