Beginning balances ??

donahue04 · Post by **donahue04** » Fri Jan 09, 2009 9:32 am

I started my accounting over and need to enter beginning balances to the bank accounts. I know I need to do this as a journal entry but what do I debit/credit??

Also how can I check to see if all accounts are just up and correctly as far as what is linked to what account?

We are currently using version 10.

Thanks!!

JohnDMeyers · Post by **JohnDMeyers** » Sat Jan 10, 2009 4:05 pm

For beginning balance on a checking account, debit the checking account, and credit Unrestricted Net Assets (01-3110-000) is the default account number.

In general, debit the asset account, and credit Unrestricted Net Assets.

donahue04 · Post by **donahue04** » Sat Jan 10, 2009 9:10 pm

will I have a balance in that account from the contributions side?