[SchoolFinance] Reserve Account

Lisa Harkin lharkin at kitteryschools.com
Fri Jul 21 12:54:32 EDT 2023


I will certainly be following this thread since I have asked so many times
without a real answer.

If I were to do it now, I would set up an actual investment account
somewhere and actually transfer funds.  Accounting wise, that is the
easiest way to go since there is NO FUND NUMBER in the handbook that would
be appropriate for Fund Accounting methods.

Once you decide what fund number you want to use (I will not suggest one
since I believe there is not a good choice), set up the fund and use Funds
Transfers Out Object 9100 series (if the amount was budgeted, if not I post
directly to the Fund Balance account), and Fund Transfers Revenue Object
5200 series.

Anxious to hear what others do and what Fund Number they use.

Thanks!



On Fri, Jul 21, 2023 at 11:54 AM Alice Tucker <atucker at cherryfieldschool.org>
wrote:

> Good Morning;
> I have never dealt with a reserve account before and the school board/town
> voted to put a certain amount from our carryover into a reserve account for
> unexpected expenditures for 2023-2024.  Can anyone tell me how to do the
> accounting for this?  I have looked at the accounting handbook but could
> not figure it out.
>
> *Alice Tucker*
> Administrative Assistant
> Cherryfield School Department
> 207-546-7770
> _______________________________________________
> SchoolFinance mailing list
> SchoolFinance at maillist.informe.org
> http://maillist.informe.org/mailman/listinfo/schoolfinance



-- 
Lisa Harkin
207-651-3407
Finance Manager
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