zero balances for new year
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MonMemSec09
- Posts: 10
- Joined: Wed Sep 23, 2009 11:21 am
zero balances for new year
I am a new user and NOT an accountant. I need to start this new year with zero balances since I cannot correct the balances from last year (too time consuming and too inexperienced). I have no idea where to start with this- can someone point me in the direction of help, please? I am also inexperienced in using the forum as well.
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JohnDMeyers
- Posts: 1338
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Re: zero balances for new year
You probably don't want to start with zero balances.
You should enter the balances of your bank accounts as of 12/31/09 as starting balances. That way, your reconciliations will work properly.
If your checking account balance was 5,400.00 on 12/31/09, then, make this entry:
DB 01-1110-000 general checking $5,400.00
CR 01-3110-000 unrestricted net assets $5,400.00
Do the same for each bank account, substituting it for the 01-1110-000 part. (savings 01-1112-000, or whatever account number you choose to give it).
If you have other questions, post them. There are several knowledgeable (and friendly) people here on the forum.
You should enter the balances of your bank accounts as of 12/31/09 as starting balances. That way, your reconciliations will work properly.
If your checking account balance was 5,400.00 on 12/31/09, then, make this entry:
DB 01-1110-000 general checking $5,400.00
CR 01-3110-000 unrestricted net assets $5,400.00
Do the same for each bank account, substituting it for the 01-1110-000 part. (savings 01-1112-000, or whatever account number you choose to give it).
If you have other questions, post them. There are several knowledgeable (and friendly) people here on the forum.
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