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Bring a fund to zero
Posted: Fri Jan 10, 2020 5:31 pm
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?
Re: Bring a fund to zero
Posted: Fri Jan 10, 2020 6:17 pm
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.
Re: Bring a fund to zero
Posted: Mon Jan 13, 2020 9:25 am
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.
Re: Bring a fund to zero
Posted: Tue Jan 14, 2020 3:39 pm
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?
Re: Bring a fund to zero
Posted: Tue Jan 14, 2020 4:04 pm
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.