Deleting Equity Accounts

[nlassiter]

We are using v10 of PC. At the beginning of 2009 I entered our CD's as equity accounts. Later in the year we decided they should be asset accounts so I entered them as asset accounts and made the equity accounts inactive. However, they appear in both sections on the Balance Sheet. causing a duplication of funds. How do I delete the ones in equity?

[JohnDMeyers]

When you originally setup the equity accounts, what was the other part of the transaction?

[nlassiter]

They were set up through the chart of accounts.

[JohnDMeyers]

So, you set up the accounts in the Chart of Accounts but you haven't made any transactions, correct?

Ok.

You will need two accounts to make this transaction because this is a dual-entry accounting system.

One of the two accounts is an asset account called something like "CD account", for example, 01-1180-000 (or pick an account number that fits into your chart of accounts)

The other one is unrestricted net assets (usually already set up as 01-3110-000).

When you enter the amount, the transaction is this:
DB 01-1180-000 $4,000
CR 01-3110-000 $4,000

The $4,000 will appear in two places on your balance sheet. Assets = liabilities + equity. In this case, $4,000 = liabilities + $4,000