User Support Forum

We would like to delete old data and begin our new year. What is the proper beginning balance transaction to use? We have one fund which is our checking account. What do I debit and credit?

Also we use restricted accounts that are included in our checking account balance. How do I enter a beginning balance transaction? Is this a four line transaction?

Thank you,
Jennifer

williams189 wrote:We would like to delete old data and begin our new year. What is the proper beginning balance transaction to use? We have one fund which is our checking account. What do I debit and credit?

Also we use restricted accounts that are included in our checking account balance. How do I enter a beginning balance transaction? Is this a four line transaction?

Thank you,
Jennifer

Jennifer .. exactly what old data do you want to delete ??

I'm assuming you're using version 11.1 or 11.5 here. You can use the built in delete system found under Accounting -> Fund Accounting - Setup -> Delete Old Data. It will delete data prior to the month you list in the form, and then calculate the net beginning balances for the Asset, Liabiity & Fund Balance accounts.

However, do realize that you MUST maintain at least 4 years of income and expense data as required by the IRS, see IRS Pub 1828, Tax Guide for Churches & Religious Organizations. So whatever you do, you have to maintain a backup of those 4 years of data that can be accessed if necessary.

Yes. Thank you. I am aware you need to back-up the data.
Thank you,
Jennifer

williams189 wrote:Yes. Thank you. I am aware you need to back-up the data.
Thank you,
Jennifer

OK .. so, the Delete Old Data function will do what you want, right? Just checking as your answer was kind of cryptic