Level 2

Banking

 

Thank you.  I read the article you suggested.  Then I looked at my chart of accounts.  My only problem is with my ending capital account balances, so I didn't bother trying to balance any bank accounts using the Begin Reconciliation window, but the article pointed me in the right direction. 

 

There are four equity accounts on my chart of accounts -- Opening Balance Equity (which I assumed when I set up my accounts, and computed a balance for it, should be the total equity at year-end 2017), Perm. Restricted Net Assets, Temp. Restricted Net Assets, and Unrestricted Net Assets (which I assume should be Opening Balance Equity, less Perm. and Temp. Restricted Assets, plus Net Income).  See the screenshot attached.  Probably I didn't enter a balance at set up for Unrestricted Net Assets, on the assumption that it would fill automatically.  At any rate the year-end 2017 balances of Perm. and Temp. Restricted Net Assets are correct, but the year-end 2017 balance of Unrestricted Net Assets is showing as zero, and that is clearly incorrect since there were retained earnings at year-end 2017.

 

I think I understand the procedure to make a General Journal Entry to correct the year-end 2017 balance of Unrestricted Net Assets.  Should I do it?  If I do that, should I expect Opening Balance Equity to disappear from my balance sheet?  Should I also expect my 2018 and 2019 Total Equity balances to remain unchanged (even though I am adding a value for Unrestricted Net Assets)? 

 

Should I make any adjustment to year-end Opening Balance Equity account, which in my books is the total of seven individual entries?  See the screenshot that follows.

 

Thanks again.