[SchoolFinance] Reserve Account

[Adam Hanson]

We are in the same position, as we were approved to transfer $1 million
into a reserve for general expenditures, which I have never done before. I
asked DOE, and they said the reserve needs to remain in the general fund.
After consulting with our auditors, I created a "transfer out" expense
account to debit, and credited a "reserved fund balance" balance sheet
account, both within Fund 1000.
The accounts I created were:
1000-0000-0000-9100-000 (General Fund Transfer to Reserve)
1000-0000-0000-7301-000 (Reserve for Unanticipated Expenditures)

I was advised to exclude the "transfer out" expense account from the NEO
expenditure upload file, as it will error out.

Good luck!



On Fri, Jul 21, 2023 at 12:56 PM Lisa Harkin <lharkin at kitteryschools.com>
wrote:

> 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
> _______________________________________________
> SchoolFinance mailing list
> SchoolFinance at maillist.informe.org
> http://maillist.informe.org/mailman/listinfo/schoolfinance



-- 
Adam Hanson
Controller
Lewiston Public Schools
36 Oak Street
Lewiston, ME 04240
Phone: (207) 795-4100, ext. 4051
Fax: (207) 795-4177

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