Close out Liability acct.

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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calvaryfellowship
Posts: 9
Joined: Tue Mar 23, 2010 2:55 pm

Close out Liability acct.

Post by calvaryfellowship »

We have an a couple accounts that were set up as liability accounts and never used. The totals need to be put back into the general fund. How can I do that?

Thanks for any help.

Zorak
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Re: Close out Liability acct.

Post by Zorak »

Enter a transaction that debits the liability and credits the net asset/equity account.

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