Friday Feature - Staying in Balance
Staying balanced is an important part of life, especially when you are talking about budgeting. While it might seem like a good idea to spend all of your money on books and chocolate, in the long run you need to be more judicious in your spending habits. You need to keep an eye on your budget to make sure you have enough money for all of the different items you need to purchase. And, this is especially true for schools. In fact, the State of California requires that your money be balanced by fund, resource and project year. Considering the constant movement of money and the fast-paced process for year end, you need an automated way to ensure that your starting balances are indeed in balance.
Escape Online has got you covered. Check it out.
When you post your starting balances using the Post Starting Balance Journal Entries in the Fiscal Year Status activity, Escape Online gives notification if there are any unbalanced entries.
Specifically, if any fund/resource/project year combination in a starting balance journal entry is not balanced, a history message (like you see here) is written, detailing which combinations were out of balance. Each combination that is out of balance will be written on a separate line, making it easier for you to wrap up your year-end and start your new year.
Now that's a nice balancing act.