balance sheet out of balance

NW Treasurer · Post by **NW Treasurer** » Thu Mar 20, 2008 7:59 pm

I just became treasurer of my church. Our balance sheet is out of balance because the beginning balances were out of balance.

No asset balances were entered originally besides the checking account. And the equity account did not equal assets - liabilites.

So what can I do to fix it now? It seems that any debit/credit transaction I make would have a net effect of 0 on the accounting equation.

Post by **Jeff** » Thu Mar 20, 2008 8:39 pm

You are going to have to enter an out of balance transaction to the equity account to bring everything into balance.

This thread gives the directions for how make the entry. http://www.powerchurch.com/forum/viewtopic.php?t=733 The version 10 manual has directions on page 210.