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Balance Sheet - Equity

Hello - I am using QB Desktop Non-profit edition.  I have some balances listed under equity that have not been addressed since 2013 (they were used long before I took over the books).  I would like to clean up my balance sheet.  It was basically the working fund at the time (we have registrations and refunds and all of it was run from these equity accounts - now it is all tracked in an asset account, linked with the checking account).  I don't know how to go about cleaning this up.

2 Comments 2

Balance Sheet - Equity

Good day, mhcostigan.


You'll want to create a Journal Entry to offset or adjust those unnecessary transactions that are causing the balance under your Equity account. However, Balance sheet reports can be tricky that's why I recommend asking help from your bookkeeper or accountant for proper guidance. If you don’t have one, we can help you find an accountant.


Here's how to create a Journal Entry:


  1. Go to the Accountant menu.
  2. Choose Make General Journal Entries.
  3. Fill in the necessary information.
  4. Click Save & Close.

Here's a good reference to learn more about creating a journal entry in QuickBooks Desktop.


If you wish to review the entries, you can do so by going to the bottom pane of the Make General Journal Entries window.


You might find this article helpful to fix balance issues with your Balance Sheet report: Fix a Balance Sheet that's out of balance.


The Community is always open if you have other questions while working with Balance Sheet reports. I'll be around to help. Wishing you a great day ahead.


Balance Sheet - Equity

Hi, mhcostigan.

Hope you’re doing great. I wanted to see how everything is going about the balance sheet report. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

Looking forward to your reply. Have a pleasant day ahead!

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