User Support Forum

I think our close to accounts for our release accounts may have been done incorrectly when we set up our COA. We have version 10. My unrestricted equity account always has a negative balance. Here is an example of a release transaction:

money in:
debit Dorcas Account (a sub account on paper in the checking account) 1110-004
credit Dorcas Contributions 4210-004 an income account that closes to 3201-004 - Dorcas Temporarily Restricted

money out:
credit Dorcas Account 1110-004
debit 6520 - Dorcas Expense closes to 3110
credit 4810-004 - Docas Release closes to 3201-004
debit Release Restriction 4901 closes to 3201-999

My question is mainly: are the Expense and Release Restriction accounts closeing to the correct place?

mdcc wrote:debit Release Restriction 4901 closes to 3201-999

This is the account that is normally set up as 4999 "Released From Restriction", which should be closing to unrestricted equity (3110-000)