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Close out Liability acct.

Posted: Wed Jan 05, 2011 5:51 pm
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.

Re: Close out Liability acct.

Posted: Wed Jan 05, 2011 5:58 pm
by Zorak
Enter a transaction that debits the liability and credits the net asset/equity account.