A/c Balance correction

[melloby]

Hi,

During the account setup the wrong account balance was entered. This error has affected reconciliations and the financial statements.

Can I make an adjustment be debited the checking a/c increase the cash and credited unrestricted net assets (3110)? I read in the manual not post to this account, but I don't want to create a dummy suspense account unnecessarily.

Is this advisable to make the correction in the checking account by affecting the equity position?

Thx

melloby

[Matt]

You normally don't want to make direct postings to the equity accounts but in this instance I don't see any problem with doing so, since you are merely correcting an error made during the accounting setup. By doing the correction this way you will bring the net unrestricted assets balance to the same amount it would have been had you entered the amount correctly during the setup.