Bring a fund to zero

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Turning Point
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Joined: Wed Feb 08, 2017 4:54 pm

Bring a fund to zero

Post by Turning Point »

We have a fund for land that we no longer owe. It shows a balance of (1868). Is there a right was to zero this out to get it off the books?

NeilZ
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Re: Bring a fund to zero

Post by NeilZ »

Turning Point wrote:We have a fund for land that we no longer owe. It shows a balance of (1868). Is there a right was to zero this out to get it off the books?
Is that a negative balance? You can do an Out of Balance transaction to add an amount to the fund to clear it out. You can find out more about Out of Ballance entries by doing a search on OOB in the built-in help.
Neil Zampella

Using PC+ since 1999.

Zorak
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Re: Bring a fund to zero

Post by Zorak »

NeilZ wrote:Is that a negative balance? You can do an Out of Balance transaction to add an amount to the fund to clear it out. You can find out more about Out of Ballance entries by doing a search on OOB in the built-in help.
If the Balance Sheet shows that the books are in balance (total assets = total liabilities and equity), "the right way" would be a balanced transaction, offsetting that asset balance against equity. If the books are out of balance by this amount, then an OOB would be appropriate.

Turning Point
Posts: 41
Joined: Wed Feb 08, 2017 4:54 pm

Re: Bring a fund to zero

Post by Turning Point »

Zorak wrote:
NeilZ wrote:Is that a negative balance? You can do an Out of Balance transaction to add an amount to the fund to clear it out. You can find out more about Out of Ballance entries by doing a search on OOB in the built-in help.
If the Balance Sheet shows that the books are in balance (total assets = total liabilities and equity), "the right way" would be a balanced transaction, offsetting that asset balance against equity. If the books are out of balance by this amount, then an OOB would be appropriate.
Zorak: the books are in balance. So, would I debit 01-1501 and credit 01-3110?

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Bring a fund to zero

Post by NeilZ »

Turning Point wrote:
Zorak wrote:
NeilZ wrote:Is that a negative balance? You can do an Out of Balance transaction to add an amount to the fund to clear it out. You can find out more about Out of Ballance entries by doing a search on OOB in the built-in help.
If the Balance Sheet shows that the books are in balance (total assets = total liabilities and equity), "the right way" would be a balanced transaction, offsetting that asset balance against equity. If the books are out of balance by this amount, then an OOB would be appropriate.
Zorak: the books are in balance. So, would I debit 01-1501 and credit 01-3110?
If 1501 closes to 3110, that is the way to do it.
Neil Zampella

Using PC+ since 1999.

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