disposition of "Opening Balances" account
Jay Ridgley
jridgley2 at austin.rr.com
Sat Jan 14 08:35:13 EST 2012
Folks,
During 2011 I purchased an piece of property and set up both an asset and a
liability (mortgage) for it. I also took out a small loan and set up the
liability of it also. Both used the "Opening Balances" as the initial source.
When I closed the books for 2011 the opening balances still remain should they
not have rolled into equity like the income and expenses did? When I set up my
accounting system initially all the opening balances went away when I closed at
year end for the year or at least they are no longer present.
If not how should I handle the account? I would like to clear it.
Thanks,
Jay
--
Jay Ridgley
jridgley2 at austin.rr.com
Registered Linux User ID - 9115
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