S-Corp: How do I handle initial cash infusion that started the company?

[bmenger]

Oops, my mistake on saying all marked out areas were the same. You are correct in that the bank account is $5000 less.  Still can't figure out what is wrong on the initial deposit.

On Dec 23, 2016, at 11:33, Buddha Buck [via GnuCash] <ml-node+s1415818n4688401h5 at n4.nabble.com> wrote:

The $5000 in Imbalance-USD came from somewhere. There is at transaction 
with that account in it, and that transaction is *wrong*, fundamentally. 
You can go into that account's register and look at all the transactions 
there (there is probably one). Select one of them, hit the "Split" button, 
and fix the transaction that comes up. 

Looking at the balance sheet, I suspect that the imbalance was from your 
initial cash infusion, and by changing the imbalance account in that 
transaction to checking, all will be well. 

However, a bigger concern is the assertion that "The marked out areas are 
all the same". If that is the case, then there is a serious problem with 
your books, one that GnuCash should absolutely NOT be making. I suspect 
that the marked out checking area differs from the other four marked out 
areas by $5000 -- the $5000 that is in "Imbalance-USD". Otherwise, the 
balance sheet won't balance, and the "Total Assets" line is incorrectly 
summed. GnuCash should not do that, by design. 

I also would recommend checking the balance sheet total for the checking 
account against your actual bank balance. I suspect that the two will 
disagree by about $5000 (and outstanding payments and deposits). Fixing the 
transaction in Imbalance-USD should take care of that. 


On Fri, Dec 23, 2016 at 11:00 AM bmenger <[hidden email]> wrote: 

> I cannot seem to remove an Imbalance that equals my initial cash deposit 
> used 
> to start up the company.  I put $5000 into company checking and a few 
> months 
> later took it back out.  My balance sheet continues to show a $5000 
> discrepancy.  After reading two books on small business accounting, I can't 
> figure this one out.  I am sure it is simple.  Here is my balance sheet: 
> <http://gnucash.1415818.n4.nabble.com/file/n4688398/Capture.gif> 
> The marked out areas are all the same ( for instance, they could all be 
> "$10,")  There must be some place I am supposed to enter the transaction so 
> that my assets increase by $5000 or my liabilities decrease by $5000? 
> thanks for any help! 
> 
> 
> 
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