Open Equity

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

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

Answers

  • Kris_Williams
    Kris_Williams Member Posts: 3,719 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    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

  • shi
    shi Member Posts: 67 Reckoner Reckoner
    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
    Kris_Williams Member Posts: 3,719 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    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

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