Transaction in Reckon
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.
Answers
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It would possibly have been from when the account was first opened and a journal from the accountant
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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.
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I donβt think you need to worry about it, opening balance equity is not always zero in my experience
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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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