Opening Restricted Account Balance Error

[Maranatha.Trsr]

I entered the opening balance wrong for a temporarily restricted account.
I know that I need to CR 01-3220-102 $471.40
I not sure what account to DB 01-3110-000 unrestricted net assets?
Also I think that I need to release restricted funds DB 01-4820-102
CR 01-4999-000
I also had the opening checking balance incorrect but corrected that through journal entries.

Does this sound correct?

Thanks,
Harold

[NeilZ]

I entered the opening balance wrong for a temporarily restricted account.
I know that I need to CR 01-3220-102 $471.40
I not sure what account to DB 01-3110-000 unrestricted net assets?
Also I think that I need to release restricted funds DB 01-4820-102
CR 01-4999-000
I also had the opening checking balance incorrect but corrected that through journal entries.

Does this sound correct?

Thanks,
Harold

You may just need to make an Out of Balance (OOB) transaction. You just enter OOB in the description block, and you don't need to include the double entry account. just CR the account and save. The system will recognize the OOB transaction as a proper transaction.

I would definitely document why you had to do this so that there would be no questions about it later.

[Jeff]

If you have entered the incorrect beginning balance, you don't need to enter an out of balance transaction. Just offer the correction to your unrestricted equity account. You do not need to release the money because you have not recorded the use of the funds.