Non-Profit
Correction of Prior Year Misclassification
Correcting an error where a restricted grant was incorrectly recorded as unrestricted.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Net Assets Without Donor Restrictions | Equity (-) | 10,000.00 | - |
| Net Assets With Donor Restrictions | Equity (+) | - | 10,000.00 |
💡 Accountant's Note
Net asset misclassifications from prior periods are corrected by adjusting the opening balances. If material, this may require restating prior year financial statements.
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