Changing Beginning Balance

[Heidilr1]

I have assumed the position of treasurer this current fiscal year,and basically need to start the accounting module over. I started my asset accounts, specifically the checking account with $0 balances. How do I now go back and adjust that? Not sure what the journal entry would be (the credit side anway; the debit would be the asset account).

[JohnDMeyers]

The CR entry for beginning balance is equity (01-3100-000).

Why not use the wizard? It will be necessary to do so if you have any outstanding checks or deposits along with your beginning checking balance.

[Heidilr1]

What wizard? RIght now, with the # of answers you give, you are the closest thing to a wizard for me!

[JohnDMeyers]

Thanks.

If you just started using the Accounting in PowerChurch, you can go to File /Preferences / Accounting Setup

and on the first menu click on "Restart Accounting" and it will take you through the setup wizard. (but it will also take out anything you have already entered, so be sure that this is what you really want to do.

[Heidilr1]

And if that's not what I want to do (b/c, yes, I have made entries), can I enter a transaction debiting the checking account and crediting the equity account?

[JohnDMeyers]

Yes.

Be aware that your beginning balance has already subtracted your unreconciled checks and your unreconciled deposits.

When you do your first bank reconciliation using PowerChurch, you will have to do the reconciliation manually for these amounts. After you get beyond these outstanding checks and deposits, PowerChurch will be able to help you with all of your reconciliations.

[Heidilr1]

John,

Is there any chance I could give you more specifics to better understand in a private email?