Balance Forward carryover asset accounts
Posted: Mon Jan 15, 2018 12:14 pm
I am the Treasurer of our Church in Tampa and am trying to clean up Balance Sheet accounts. We have several current 3000 level balance sheet carryover accounts that will have expenses exceeding income after releasing forcing them into negative balances. In researching the history of the 3000 level carryover accounts there are several additional accounts that should have negative carryover balances if they had been properly released over the years. Do I allow those accounts to remain negative at the close of the year or do I zero those account by adjusting their balances to net income?