See Also Journal Transfer Initialize Owner Ledger
This function is used to post non-cash transfers between the accounts of a single ledger. The most common use is to establish initial balances for an owner or property ledger when you are starting mid-year and want to have a year-to-date summary of income and expenses in each account. See Procedures, Initialize Owner/Property Ledger. It can also be used to adjust amounts previously posted to the wrong account.
Date
Use this date field to enter the effective date of the transaction.
Ledger
Choose the affected ledger from the Find List.
Memo / Comment
Enter any appropriate memo and comment.
Credits / Debits / In Balance
A running total of credits, debits and their total is maintained in these three protected fields. In order to post, the credits must match the debits, i.e. the third field name must read In Balance and be equal to zero. As you enter line items, the third field name will change to indicate Debits Needed or Credits Needed with the amount of the credit or debit needed to balance.
Line Items
To add additional line items click in the area below the last line item to open a new edit line.
Account
Choose the account from the Find List.
Debit or Credit
This will reflect Credit or Debit based on the type of account chosen. If it is an Income type account, the field will fill in Credit if an Expense type account the field will fill in Debit.
Amount
Enter the amount of the credit or debit. If the Debit or Credit column says credit and you want to debit the account, use a negative amount. A negative amount for a debit posts as a positive credit.
Example
setting up an owner’s balance for $200
Line 1 Retained Earnings Credit $200
Line 2 Bank Account Debit $200
Unless you are familiar with the accounting methods, you should only post to cash, accrual and modified cash at the same time. Consult your accountant before posting using only one method.
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