changing balance

[MBULLAR]

How do I change the balance for the New Year because I have taken over the system following someone else. I need to change the balance because of mistakes made and how do I know that I am changing the right balance.

I need help asap

[NeilZ]

How do I change the balance for the New Year because I have taken over the system following someone else. I need to change the balance because of mistakes made and how do I know that I am changing the right balance.

I need help asap

You really need to be more precise. Which balance are you talking about, checking ?? Expense Account ??

In any case you would need to create an Out of Balance (OOB) transaction to either credit or debit the proper account. The OOB transaction does not need a double entry transaction, however, it should only be used when there are errors that can't be corrected any other way.

A more detailed explanation of what you're trying to do would assist us in giving you a better answer.

[JohnDMeyers]

If the year has already been closed out, i.e. your current month is Jan 2012, you need to make a beginning balance entry:

increase the checking balance by $50
DB 01-1110-000 checking $50
CR 01-3110-000 equity $50

increase the checking balance by $50
CR 01-1110-000 checking $50
DB 01-3110-000 equity $50