Mortgage P&I Error - Previous Year

[SheilahH]

While running year end reports, I discovered that I flipped my Principal and Interest postings 3 times, which greatly reduced our remaining principal balance incorrectly. How do I fix this problem when the months have already been closed?

My mortgage payment looks like this:

10-1110 Credit (Asset)
10-2165 Debit (Liability)
10-5614 Debit (Expense)

Thank you.
Running Version 11.1
Sheilah

[JohnDMeyers]

The only option for making a change in 2012 is to reopen a backup version that wasn't closed in 2012, make your corrections, and re-enter everything that happened in 2013.

Probably not the option you want for this mistake, unless you haven't had many transactions in 2013.

What you want to do is get the mortgage principle amount corrected as of 1/1/2013. You can do this if January is open, or if February is open.

I would date the transaction 1/1/13 in either case, and post in which ever month is currently open.

Basically, you showed too much interest expense last year, and your outstanding mortgage balance is higher in PowerChurch than the real one. Your expense was rolled into your unrestricted net assets when you closed Dec 2012.

Therefore, you need to decrease your Mortgage Principle Liability and increase your Equity. Let's say the principle balance was off by $568.10.

Transaction date: 1/1/2013
Description: Corr Mortgage Principle ending 2012 (or how ever many characters will fit)
DB 01-2165-000 $568.10
CR 01-3110-000 $568.10

Post in Current month.