Accounts Payable

[nccchurch]

Our ministry year ends Aug 31st
If I offset Bills I am paying in August for Sept with the Acct#2150 Accts Payable account and then close the year. Will the A/P account still hold a balance that I can then transfer to the correct expense account for the new year?
Do I need to check to see what acct #2150 closes to?

Thanks,
Kathy

[Jeff]

2150 should be a liability account. Liability accounts do not close to any other accounts. What transaction did you use to get the balance into the 2150 account?