Resetting petty cash balance to $0

Georgie_8281276
Georgie_8281276 Member Posts: 18 Novice Member Novice Member
edited October 2024 in Reckon Accounts (Desktop)
Our petty cash account in Reckon has been used incorrectly for many years, and now has a negative balance of a completely meaningless number. How can I reset it to $0 without creating a transaction that will need to be reconciled?

Comments

  • Wilma
    Wilma Accredited Partner Posts: 40 Accredited Partner Accredited Partner
    edited December 2016
    Hi Georgie,
    I think the only way is to do a journal entry to clear it out.  The question you have to ask is where do you journal the balance to?  One possibility is the Opening BAlance account.
    Cheers
    Wilma

  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 711 Reckoner Reckoner
    edited April 2020
    Hi Georgie

    Yes the only way is to jnl it back to the opening balance account or make the account inactive.

    I would personally start a whole new account either way, since the old one has never been run properly.  Rename the old account "Petty cash old" and make it inactive.

  • Georgie_8281276
    Georgie_8281276 Member Posts: 18 Novice Member Novice Member
    edited July 2016
    So what entries do I need to make to journal it back to the opening balance account?

    I've now opened a new petty cash account, and made the other one inactive, but it still shows as a -ve balance in the Balance Sheet. I want it gone!! 
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