Resetting petty cash balance to $0
Options
Georgie_8281276
Member Posts: 18 ✭
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?
0
Comments
-
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
0 -
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.
0 -
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!!
0
Categories
- All Categories
- 6.4K Accounts Hosted
- 10 📢 Reckon Accounts Hosted - Announcements
- 5.9K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.3K Reckon Payroll 🚀
- 21 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 3K Reckon One
- 7 📢 Reckon One - Announcements
- 10 Reckon Invoices App
- 14 Reckon Insights
- 107 Reckon API
- 822 Payroll Premier
- 307 Point of Sale
- 1.9K Personal Plus and Home & Business
- 63 About Reckon Community