Open Equity

Question

Software: Reckon 2023 plus desktop

Situation below:

In order to record an open account, the transaction below

Term deposit

Term Deposit ******* $2000 DR

Open Equity 2000 CR

However, the term deposit closed on 2020.

Transaction below

Bank $2000 DR

Term Deposit $2000 CR

Question:

When the term deposit closed, the open Equity still shows the $2000CR. I think it should be zero.

I do not know how to process it in the reckon in order to let Open Equity balance 0.

Thank you

Kris_Williams · Answer

Often an opening balance is entered to bring accounts into balance at a particular date, it may have been a deposit from a partner or an account not already in the file, so unless it’s necessary to enter the original deposit opening balance equity is used

shi · Answer

https://community.reckon.com/discussion/comment/20642498#Comment_20642498

Thank you. I have problem to find which fund was sent to  the term deposit. I think that is why record the open equity.

Again, thank you for your help. I appreciate it very much.

Kris_Williams · Answer

No the open Equity won’t go as you should show where the money went from the term deposit, which appears to be into the normal bank account - all correct