Fund balance 04-3001 is a -$2,000 and should be $0
This has been off for several years and now we need to get this to balance to start the new year 2009. I have made changes in year end to fund balances so all are correct except fund balance 04-3001 which we are not using anymore. Is there a way to correct this old error and go on from here?
Thanks
Total Liability+Total Fund Balance differ from Total Assets
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JohnDMeyers
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You incurred the -2000.00 because of a loss a few years ago.
You can't go back and make an entry that far back, but you can do this:
debit 04-4950 unrecoverable income $2000.00
credit 04-3001 (equity account) $2000.00
It will show a negative income in that account all this year, which is what really happened a few years ago and it didn't get recorded.
When you close out this year, the accounts will be ok.
You can't go back and make an entry that far back, but you can do this:
debit 04-4950 unrecoverable income $2000.00
credit 04-3001 (equity account) $2000.00
It will show a negative income in that account all this year, which is what really happened a few years ago and it didn't get recorded.
When you close out this year, the accounts will be ok.