Unrecorded Interest

Six months ago or so, we decided to zero out our ward missionary fund. Before we did so, the bank made an interest payment, which we did not record in MLS. When we wrote the check, MLS said we had no money left in the account, but of course the bank recorded us as having a small amount of interest left.

We wrote another check to pay the interest, but because the interest was never recorded in MLS, MLS now has a small negative balance:eek:, while the bank has a zero balance.

Any ideas?

Brian Rushton wrote:Six months ago or so, we decided to zero out our ward missionary fund. Before we did so, the bank made an interest payment, which we did not record in MLS. When we wrote the check, MLS said we had no money left in the account, but of course the bank recorded us as having a small amount of interest left.

We wrote another check to pay the interest, but because the interest was never recorded in MLS, MLS now has a small negative balance:eek:, while the bank has a zero balance.

Any ideas?

Since you seem to be in Utah, you would be on Deposit Concentration, which means you have no local bank account. If this assumption is correct, the interest you mention would be credited on the Church Unit Financial Statement.

The question then is, why was it not recorded in MLS? The recording of interest is done during the Reconciliation process. You enter the interest on the opening screen, and MLS then creates a credit to the Ward Missionary account for the interest. So if you are keeping up on your reconciliations, the interest should be recorded, and the ward missionary account should be in balance.