I am trying to set up some new checking and savings accounts. I have created them under Current Assets, but it will not let me change the starting balance. I saw in the technical support that I need to do a GE to debit these new accounts with the starting balance amount, but I do not have a category that says "Net Assets" to credit. I have a Level 1 "Assets", a Level 2 "Current Assets". Would I credit one of these?
Thank you for your help!
New Checking & Savings Accounts
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mccauleyjean
- Posts: 21
- Joined: Sun Apr 30, 2006 9:23 pm
- Location: Nature Coast UU Lecanto FL
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I had this same problem when I first set up Fund Accounting because I had the wrong amount of money in the checking account. I did a Search on the Forum for “Changing Checking Balance” and found several previous postings that dealt with this problem.
I entered the transaction in Fund Accounting by debiting the checking account to increase the balance. I used the “Transfer to Fund 9010” account found at the very bottom of the Chart of Accounts as the account that was credited so the transaction would balance out. It seemed to work.
I entered the transaction in Fund Accounting by debiting the checking account to increase the balance. I used the “Transfer to Fund 9010” account found at the very bottom of the Chart of Accounts as the account that was credited so the transaction would balance out. It seemed to work.