Normal Balance

Posted By Stephanie.Phillips over 3 years ago

Hi,

I was adding a new program to my chart of accounts and realized that some of the "Normal Balances" on existing accounts were set up incorrectly (expense accounts were set up with "credit" as the normal balance).

What is affected by the "Normal Balance?" Is this just an informational field? Or does it somehow affect reporting?

I just want to decide if I need to go back and review old financials or if I can just fix it and move on.

Thanks in advance!

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0 Team Equation over 3 years ago

That only affects how these amounts would appear on your financial statements, if that value is used in any of your FR or SI financial statements.
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0 Team Equation over 3 years ago

That only affects how these amounts would appear on your financial statements, if that value is used in any of your FR or SI financial statements.
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0 Stephanie.Phillips over 3 years ago in reply to Team Equation

Ok, thank you! There are actually a lot of accounts with balances that were pulled to the P&Ls. When I looked at an example of one report, it is not misstated....How does that choice (debit or credit for normal balance) change the appearance of the account balance on the statements? Or are you saying it will change the way the account looks in the setup of the statements?
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Normal Balance

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