[SchoolFinance] Reserve Account

[Alice Tucker]

Thank you everyone.  This has been helpful.
*Alice Tucker*
Administrative Assistant
Cherryfield School Department
207-546-7770


On Fri, Jul 21, 2023 at 2:03 PM Adam Hanson <
ahanson at lewistonpublicschools.org> wrote:

> 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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