How to close the year when the following message displays on the End of Year Process: All entities must have a net asset account associated with them before continuing, and the entity shown does not belong to your organization.
This image is an example of what your screen looks like when you do not have a Net Asset Account set up for an entity.
This article will cover the following:
What is causing this message?
To find out what is causing this message, go to the Accounts screen and under Quick Find, select the Account Code Option. In the field start to type in either E-# or I-# where # is the Entity that does not have a Net Asset Account.
If you find one or more expense accounts and/or income accounts that begin with E-# or I-#, click the Find Account button to display each Account(s).
If any of the Accounts that begin with E-# or I-# has an Account Balance, this means there are either Income or Expense transactions associated with # Entity. Go to How to eliminate the cause.
How to eliminate the cause
If this entity was used mistakenly since you do not have actual transactions for that entity, you must transfer the amount from each Account to the Account which should have been used in the transaction(s). If you are part of a larger organization such as a diocese, you may contact them to get advice on how to handle the correcting transaction if you don't already know. Once the balance on this account is zero, you may prevent further erroneous activity by archiving the account.
If this entity was used correctly (in the Income/Expense Accounts):
- Create a new Net Asset account in the Accounts section for the unassigned entity (12 Temporarily Restricted Funds)
Assign the new Net Asset Account to the Entity:
- Go into Process → End of Period Processing → End of Year.
- Click on the entity numbered "12" for Temporarily Restricted Funds.
- Select the new Net Asset account that you just created for the Entity from the Net Asset Account drop-down.
- Hit Submit, and rerun your reports. The new Fiscal Year should now be showing as being in balance.
A report to run to see the detail information
One report which may be run to see which transactions included the entity in question is the Account Inquiry report. This may be found under Reports, Accounts, Account Inquiry. You must select the account code and add it to the list. You may add each account if there is more than one and print the report to see all of them in the same report.
The subsequent report will give you the information you need to make the transferring transaction or to add a Net Asset Account for that Entity.