Description
Sage 50 software has a feature that creates an equity account called "Beginning Balance Equity" to contain the difference or Sage 50 Balance Sheet out-of-balance amount in the General Ledger Accounts window. This account does not appear in the Beginning Balances window, but it will appear on financial statements and general ledger reports. It is recommended to find and correct the cause of the out-of-balance situation before proceeding. If the error cannot be found, selecting OK in the warning message will allow you to proceed with setting up the company, and prior-period adjustments will need to be entered instead of Sage 50 beginning balances when posting transactions.
To resolve this situation, it is recommended to find the cause of the out-of-balance situation and correct it. If the beginning balances are taken from financial statements provided by a previous accounting system or accountant, make sure that all data is entered correctly and that no accounts or balances are missing. If the error cannot be found, selecting OK in the warning message will allow the user to proceed with setting up the company and entering transactions. However, once transactions are posted, prior-period adjustments must be made instead of Sage 50 beginning balances. The Beginning Balance Equity account can be deleted once it has no transactions associated with it.
More
Reviews
To write a review, you must login first.
Similar Items
CPA Firms in Houston | HRSS
Bowman & Company CPA, PC
High Numbers
Every Man