On 9/12/2019 1:49 PM, Fred Frazelle wrote:
Dear sirs:
We are a non-profit and receive contributions. Every once in a
while the Assembly sets up a fund for something special, like a Center
and the believers contribute. The money in this fund cannot be used
for anything else. Since we are just setting this up, we already have
some money in one of these Funds. We set the account Center up as a
liability, since it hasn't been built yet but then the program says
Imbalance (i really like this feature - you can see immediately that
something is amiss - lol). i already have the monetary amount listed
in one of the Equity/Opening Balances. Obviously i'm not an accountant
and am trying to wrap my head around this...
But that you got an "Imbalance" simply means that you did not enter the
transaction correctly <<you ARE using one of the methods for dealing
with "restricted funds".
I assume you were creating this liability account (Center) with an
initial balance? The other side of that transaction would be Equity.
That would be a debit to equity << I bet you got the imbalance because
you credited both Center and Equity>>
Michael D Novack
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