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Kim
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 Posted: Wed Apr 04, 2007 12:42 am Post subject: Owners Equity Account |
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We set up a new quickbooks back in October 2006. When entering balances we
used an owners equity off-set account. Quickbooks also used this account
when we entered the year-to-date payroll balances. What do we do with the
balance in this equity offset account at the end of 2006? We do not want a
balance to stay in the account. It was used strictly as an offset account.
If someone could let me know I and my President would be very grateful.
Thanks,
Kim |
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Laura
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| Posted: Wed Apr 04, 2007 12:49 am Post subject: Re: Owners Equity Account |
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"Kim" <Kearly@xactec.com> wrote in message
news:s7yQh.46153$s8.4911@newsfe21.lga...
| Quote: |
We set up a new quickbooks back in October 2006. When entering balances
we used an owners equity off-set account. Quickbooks also used this
account when we entered the year-to-date payroll balances. What do we do
with the balance in this equity offset account at the end of 2006? We do
not want a balance to stay in the account. It was used strictly as an
offset account. If someone could let me know I and my President would be
very grateful. Thanks,
Kim
|
What system were you using prior to setting up the QB file in 10/06? You
should use the Trial balance sheet as of 9/30/06 from the old system as your
starting point. Run the TB as of 10/1/06 in the new file and create a JE
that forces the 2 trial balances to match. That will tell you what the
correct way of clearing the {dreaded} Opening equity balance (OBE) account. |
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