Year Start Balance on Checking Account

[Dkgross]

I have multiple funds set up using the same checking account (i.e. 01-1110, 02-1110, 03-1110, etc). When I set up the funds - I entered the beginning balance for each fund. Then for the checkbook - I put the beginning balance all on the 01-1110 checking account which is for the General fund. Should I have put the beginning balance of each fund on each individual checking account vs. lumping it all under the general fund? Or did I set this up correctly?

[Zaphod]

You've set up the checking account correctly (spanned across funds). However, you'll usually want to allocate the amounts to each fund in the year start balances instead of just lumping it into the general fund. You haven't really done anything wrong, but you'll probably want to transfer money into each fund to establish balances for the amounts appropriate to each fund. That'll keep you from running a negative in your other funds.

[Dkgross]

You've set up the checking account correctly (spanned across funds). However, you'll usually want to allocate the amounts to each fund in the year start balances instead of just lumping it into the general fund. You haven't really done anything wrong, but you'll probably want to transfer money into each fund to establish balances for the amounts appropriate to each fund. That'll keep you from running a negative in your other funds.

Question for clarification - by transfer - are you saying that I should update the other checking account "year start balances" to reflect the amount that I put in the fund balances for "year start balance" for each account or are you proposing I do GE transfers from the general checking account to the others?

[Zeb]

Since you are dealing with assets and year start balances then you can go just enter the amounts as year start balances, no need for GE.