Finishing History

Posted By mirasong over 10 years ago

Hi,

I am trying to finish entering the history, but when I try it says, "Either client's historical info, or the opening balance of account 1020 Cash to be Deposited, or both , is incorrect."

The difference is - 55.87 in the 1020 Cash to be deposited account.

I entered this in the chart of accounts opening balance b/c that is what my accountant's balance sheet said.

I don't know where this amount came from, there was someone else doing the books last fiscal year.

To fix this, can I just move the amount from that account into the retained earnings account?

Thanks!

0 Keith L over 10 years ago

Hi Mirasong,

Just wonder if you are using 1020 Cash to be deposited account as the Account Receivable linked account. You can check it under Setup, Settings, Customers and Sales (or Receivables), Linked Accounts.

If that is the case, the difference of -55.87 is between the balance of account 1020 and the total outstanding unpaid invoices from your customers. You may need to double confirm the reason why you will use Cash to be deposited instead of Account Receivables as the linked account first. If you still need to use Cash to be deposited as A/R linked account, you will need to adjust the opening balance of Cash to be deposit account so it will be the same as the total outstnding unpaid invoices from customers. In your case, you will have to minus 55.87 from the opening balance.

Again, double confirm with your accountant first to confirm what account you will use as the A/R linked account before you make your next step.

Hope this helps.
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