Fiscal Year End Advice Appreciated

[CorinthBC]

I have been using PowerChurch for two churches for about 10 months now, and the fiscal year at one church will end on September 30. The other church's fiscal year ends with the calendar on December 31.

I only just recently discovered the reason my Balance Sheet reports have been wrong. When I was setting up our Temporarily Restricted accounts last fall, I set beginning balances on all the 4200 Income accounts rather than the corresponding 3200 Equity accounts. When I run a Balance Sheet now, it's just showing me the difference in income and expenses rather than the total balance available. My plan to correct this is to run all my regular reports at the end of September, then make transfers from Unrestricted Assets to each 3200 equity account dated September 30. Once I post those, the correct balances should then be reflected in those accounts on the first day of the next fiscal year, October 1.

I think I'm on the right track there, but if not, please let me know.

Any advice you can give me on avoiding potential mistakes (whether specific to the Balance Sheet issue or in general about going into a new fiscal year) is appreciated!