When I set up a new QuickBooks file for an (existing) non profit, I entered the opening balance for the checking account, which went into "Opening Balance Equity". From reading other questions here, I learned that Opening Balance Equity is supposed to be a temporary account, and that the balance should be moved to another equity account.
The only other equity account I have is "Unrestricted Net Assets", but when I move it there, I get a warning that says:
"You are about to post to the Retained Earnings account 'Unrestricted Net Assets'....and in most cases you should post to another equity account"
Should I continue at this point? There is no reason to create yet another equity account because this is a non profit. It has 2 equity accounts. Which one should have the opening balance?
