I am a new user to power church, at the accounting setup step, we have the incorrect starting balance for our chequing account because we have forgotten to account for a couple of uncashed checks for 2024. I believe I need some way to reduce the starting balance. How can I do this without doing a restart? I have already entered a lot of other transactions before I discovered that this problem.
I have seen a couple of answers on how to increase the account balance. ie to debit the amount in the saving/chequing account and credit the unrestricted asset account by the same amount.
But no example of how to reduce the checking account balance.
reduce year start balance on my chequing account
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Re: reduce year start balance on my chequing account
The process to reduce the balance would be the same, except the debits and credits would be reversed.
Credit the checking account and Debit the equity/fund balance/net assets.
Credit the checking account and Debit the equity/fund balance/net assets.