Account Errors

[Mike or Penny Novack]

Donna Pfeifer wrote:

>This has been my first year of using Gnucash and as I look over the files for 2013, I have found a couple of issues.
>
>In August I inadvertently posted postage of $6.60 to the imbalance account. 
>
>What is the easiest way to correct this?
>  
>
Part of the process (each month or whatever -- I do this when 
reconciling against the bank statements) is to make sure nothing appears 
in Imbalance or Orphan. But you ask how to correct. For each transaction 
appearing here (for example in Imbalance) you can see the other side of 
that transaction. Go to the transaction there (in that account, you knew 
the date as well as the account from the transaction in Imbalance) and 
change the  other side of the transaction from Imbalance to the correct 
account, in this example case "postage".


>Towards the end of the year, I was able to pay myself a small amount and I did this using the Equity > Owner’s Draw account. This now shows a negative balance and, to a lesser extent, so does the Equity account.
>
>Did I do it wrong? How should I correct it?
>
>Sorry for the newbie questions. I would appreciate your advice.
>
>Thanks!
>  
>
Sorry, not enough information. Maybe you didn't do anything wrong 
(except perhaps to have taken out more money than you should have). In 
the course of the year, what has happened to your liabilities? Assets = 
Liabilities + Equity so if your liabilities have increased in drastic 
fashion Equity could have gone negative. How did you decide how much you 
could/should draw? Did you first run a "profit and loss"? (aka "Income 
Statement").

Michael