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CPASTONE
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Joined: 12 Jul 2010
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Posted: 23 Jul 2010 at 02:59 \| IP Logged

Activity is booked and it closed with the same amount. It is closed out to Fund Balance. This is general concept.

I want to know if every thing is closed out, why does there appears balance on Fund Balance Sheet as "Due to other/from funds", as inter fund transfer is nominal account which is closed out to Reserved fund

Pls clarify.

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1tryCPA
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Joined: 27 Jun 2010
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Posted: 23 Jul 2010 at 07:58 \| IP Logged

Accounts that are closed out are other financial uses and other financial sources that are something close to revenues and expenses.

Due to other/due from other are accounts that are loans b/w funds. Similar to A/P and A/R - they are not nominal accounts and shown on BS, not on statement of revenues/expenditures and changes in fund balances.

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CPASTONE
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Posted: 24 Jul 2010 at 03:14 \| IP Logged

Thanks for the explaination!

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