User Support Forum

We are using v10 of PC. At the beginning of 2009 I entered our CD's as equity accounts. Later in the year we decided they should be asset accounts so I entered them as asset accounts and made the equity accounts inactive. However, they appear in both sections on the Balance Sheet. causing a duplication of funds. How do I delete the ones in equity?

When you originally setup the equity accounts, what was the other part of the transaction?

They were set up through the chart of accounts.

So, you set up the accounts in the Chart of Accounts but you haven't made any transactions, correct?

Ok.

You will need two accounts to make this transaction because this is a dual-entry accounting system.

One of the two accounts is an asset account called something like "CD account", for example, 01-1180-000 (or pick an account number that fits into your chart of accounts)

The other one is unrestricted net assets (usually already set up as 01-3110-000).

When you enter the amount, the transaction is this:
DB 01-1180-000 $4,000
CR 01-3110-000 $4,000

The $4,000 will appear in two places on your balance sheet. Assets = liabilities + equity. In this case, $4,000 = liabilities + $4,000