I was working on a businesses books and I found a Beginning Equity Balance figure in the trial balance with no transaction detail. I looked at the prior year that the database was rolled-over from and their is no such account in the prior year. I suspect that was caused by Peachtree rolling over the year as the books are in balance both years. Has anyone seen this before and can they let me know what is going on? Thanks for your help.
Tek-Tips is the largest IT community on the Internet today!
Members share and learn making Tek-Tips Forums the best source of peer-reviewed technical information on the Internet!
-
Congratulations SkipVought on being selected by the Tek-Tips community for having the most helpful posts in the forums last week. Way to Go!
Opening BalanceEquity Adjustment
- Thread starter FXP
- Start date
If your General Ledger is out of balance, Peachtree creates a Beginning Balance Equity account to make you balanced.
This account is usually created in Maintain, Chart of Accounts, Beginning Balances. If you enter balances to your accounts and the totals (debits = credits) are not balanced when you click OK, Peachtree creates the Beginning Balance Equity account to keep you in balance.
This account is usually created in Maintain, Chart of Accounts, Beginning Balances. If you enter balances to your accounts and the totals (debits = credits) are not balanced when you click OK, Peachtree creates the Beginning Balance Equity account to keep you in balance.
- Thread starter
- #3
Thanks for the reply, but the prior year was balanced (debits = credits). The account was created some time during the new year rollover or early in the year before it was discovered. The problem is that their is no transaction detail to trace the adjustment. I suspect it occurred automatically during the roll-over which you just described. Thanks again.
- Status
