Beginning Balances for Pass Thru Liabilities

[spc.office]

Is there a way to enter beginning balances for Pass Thru liability accounts? We have money from the prior year that hasn't been passed thru yet and need to keep track. I recently completed the accounting setup (converted from Quicken) and can't figure out where/how to enter the balances...

[NeilZ]

Is there a way to enter beginning balances for Pass Thru liability accounts? We have money from the prior year that hasn't been passed thru yet and need to keep track. I recently completed the accounting setup (converted from Quicken) and can't figure out where/how to enter the balances...

The problem is that if you used the Accounting Setup function, it should have asked you for that information. As it is, I suspect that the funds are showing up in Unrestricted Net Assets with the rest of the unrestricted funds from your checking account.

You will need to create a transaction in Funds Accounting to DEBIT Unrestricted Net Assets (normally defaults to 3110-000), and CREDIT the liability account (2000- series accounts) for the amounts.

As always, I suggest to do an Accounting Files backup using the Powerchurch Backup Utility so if the results aren't correct you can return back to the starting point.