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Closing Balance

Posted by mike19001900 
Closing Balance
July 31, 2013 11:06PM
I just took over doing the bookwork at this place, but the bank statement is off by about $15,000. compared to quickbooks reconciliation. Is there a way of correcting this issue. or could I just make this account inactive and start afresh with the same bank account but with a different name. This site is tops I recommend anyone to it. Thank You.
Re: Closing Balance
August 13, 2013 02:45AM

You can't make an account inactive with a balance.

You simply have to create some kind of entry to offset that.
$15,000 is a lot, so I would probably try to figure out where its gone wrong.

Is your starting balance correct? If not, you can do journal entry against "opening balance equity"

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