Have been established with PChurch for 5 years. We are adding another checking account to our main fund/system. I can't enter a beginning balance for the account. I don't want to restart the accounting assistant to have to do this. Why can't I click in the beginning balance box to add an ASSET? I am Admin. I want to have 2 checking accounts in our Assets. One is established as General Fund. The new one will be Cemetery Checking.
Why can't I set it up with a beginning balance? Or what am I doing wrong in Maintain Chart of Accounts??
adding new checking account / beginning balance
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Re: adding new checking account / beginning balance
Enter a transaction in Accounting > Fund Accounting > Enter Transactions to add the balance to the account.
If the money that opened the new account was transferred from the old account, or a check written, you can enter a transaction like this:
01-1110-000 Old Checking (Credit) $500.00
01-1120-000 New Checking (Debit) $500.00
If the money that opened the new account was transferred from the old account, or a check written, you can enter a transaction like this:
01-1110-000 Old Checking (Credit) $500.00
01-1120-000 New Checking (Debit) $500.00
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Re: adding new checking account / beginning balance
It is not affecting the current checking account. It it is start up money. Brand new stand alone account being created and not transferred money.
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Re: adding new checking account / beginning balance
Replace the checking account with the unrestricted equity (AKA net assets, fund balance) 3110.
01-1120-000 New Checking (Debit) $500
01-3110-000 Unrestricted Equity (Credit) $500
01-1120-000 New Checking (Debit) $500
01-3110-000 Unrestricted Equity (Credit) $500