Automatic Closing Entry Posted to Wrong Equity Account in QuickBooks
Published 03/27/2009 | 
The easiest way to fix your problem is to change the name of this account (if you use the same exact name as your other equity account, it will merge the two accounts). This will solve the problem for the past and future.
The only other option is to manually fix it using Make General Journal Entries (under Company). DR the incorrect equity account and CR the correct one. You'll need to prepare one for each year in the past and the future, and your balance sheet reports will look a little strange on the last day of the year.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
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