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How do you add starting balance to an account that has already been set-up without a starting balance? Thanks, gkenney

gkenney wrote:How do you add starting balance to an account that has already been set-up without a starting balance? Thanks, gkenney

You would have to create the transactions (debit, credit) to do this .

yeah, it's hard to be more specific unless you post what kind of fund it is (asset, liability, income, expense?) and whether it is a year-beginning balance or something else.

JohnDMeyers wrote:yeah, it's hard to be more specific unless you post what kind of fund it is (asset, liability, income, expense?) and whether it is a year-beginning balance or something else.

Could you be more specific on how to do this? I am trying to add a beginning balance to my Missions Fund and several other "Funds".

Let me ask a few specific questions.

Are you trying to add a beginning checking account balance?

Have you begun entering income from January through March somewhere else, and you want to enter that income as a beginning balance?

Are there any other items that you want to enter?

We are trying to figure out how to handle payment as love gifts to Speakers, and payments as stipends. I am thinking of creating a love gifts fund, and a stipend fund that we move exact amount of money from (as needed) the main fund to make to make exact, and specific payments from.

One way, as posted on another thread (I don't know how to link to it), suggested by wms7328, where you transfer the money to another fund:

I would record a transaction like this, Assume pass though account is Fund 10 and normal operating is Fund 01. I'll just make up some accont Numbers

10-1120 Asset Checking Account- Debit 50.00
10-5050 Flower Expense - Credit 50.00
01-1120 Asset Checking Account- Credit 50.00
01-5050 Flower Expense - Debit 50.00

The way I would do it is to create a liability account. For love gifts, I use subaccounts, like this:

Love gift comes in for Pastor Harry, who we pay through his church:
01-1110-000 DB checking
01-2050-101 CR "Pastor Harry's Church Name" Love offering

Pay money to Harry:
01-1110-000 CR Checking
01-2050-101 DB "Pastor Harry's Church Name" Love offering

If the offering is for an individual in our church, we don't treat it as a pass-through, as that is a legitimate use of tax deductible funds. It is simply an expense to our church.

Thanks, for the reply. gkenney

NeilZ wrote:

gkenney wrote:How do you add starting balance to an account that has already been set-up without a starting balance? Thanks, gkenney

You would have to create the transactions (debit, credit) to do this .

Can you be more specific? I have special funds that I created and I need to input a beginning balance. I need to know what to debit and what to credit.

HarvestPresSec wrote:

NeilZ wrote:

gkenney wrote:How do you add starting balance to an account that has already been set-up without a starting balance? Thanks, gkenney

You would have to create the transactions (debit, credit) to do this .

Can you be more specific? I have special funds that I created and I need to input a beginning balance. I need to know what to debit and what to credit.

Not knowing how your funds are setup, it is very hard for anyone here to advise what you should debit or credit.