Bring a fund to zero
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Bring a fund to zero
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?
Re: Bring a fund to zero
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.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?
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
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Re: Bring a fund to zero
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.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.
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Re: Bring a fund to zero
Zorak: the books are in balance. So, would I debit 01-1501 and credit 01-3110?Zorak wrote: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.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.
Re: Bring a fund to zero
If 1501 closes to 3110, that is the way to do it.Turning Point wrote:Zorak: the books are in balance. So, would I debit 01-1501 and credit 01-3110?Zorak wrote: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.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.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.