Transaction in Reckon

shi
shi Member Posts: 67 Reckoner Reckoner
in Reckon Accounts (Desktop)

Hi

I found one transaction in the Reckon system and it was entered into the system many year ago. Can anyone help me to explain the transaction below. Thank you.


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Answers

  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    It would possibly have been from when the account was first opened and a journal from the accountant

  • shi
    shi Member Posts: 67 Reckoner Reckoner
    https://community.reckon.com/discussion/comment/20642294#Comment_20642294

    It was entered by the previous bookkeeper. I did some investigation and I was informed that Opening BL Equity should be zero. However, I found the balance of the account is very large amount sitting in the charts of the accounting. I am not sure if there is anyway to change the balance to zero. Thank you.

  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    I don’t think you need to worry about it, opening balance equity is not always zero in my experience

  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Opening balance equity is used to enter an opening balance for an account as at a particular date so it can be reconciled from that date on without having to enter all prior transactions. This is why it is seldom zero, unless the file is a new one and all transactions can be identified and entered correctly from the start

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