Question about Peachtree Software Peachtree Complete Accounting 2003

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Peachtree Complette Accounting 2003. I am now "out-of-blance" due to a change in the Retained Earnings account in mid year. In viewing the G/L the ending balance for the month does not equal the beginning balance, yet there are no entries that effect it. How di I correct this? The system does not allow a one sided entry.

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  • gpollock Jun 03, 2010

    At first, it seemed like you were addressing someone else's problem. But I clicked on the "Answer ID 353" link and that gave me a procedure to do that corrected my situation. Thank you.

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Hi,

It sounds like you will need to do a general journal entry to correct your cash balance. But before you do, you should check a couple of things.

The first thing that concerns me is when you said " I did notice that the beginning balance for the cash account was off so I adjusted that in the chart of accounts." The only time that would be called for would be if the beginning balance of an account on the general ledger report did not match the ending GL balance for the previous month. And even then, I would try running the Data Verification before I manually adjusted it. If your adjustment was for any other reason, then you should undo it.

Second, run a general ledger report for the account you are reconciling. Set the time frame to All. If you get a GL footing error, then there is an error in the balance that you can correct by following the steps in Answer ID 353. If you don't get an error, then the balance is calculating correctly.

Third, if I understood your post correctly, you have gone all the back to the Jan 2008 reconciliation to try to track this down. I would redo each month's bank rec. If everything is done right for each month, you will be off the same amount at the end of each bank rec. When that happens, and there is nothing on the outstanding items list that doesn't belong, then you know the problem was in the beginning balance. Then you can make a general journal entry to correct your cash.

Unless you have not filed your 2008 taxes yet, you will want to make the adjustment in 2009, since the offset to the cash account will probably be an income or expense account.

If you are unsure of what adjustment needs to be made after working through the 2008 reconciliations, I would suggest working with a Peachtree Certified Consultant or your CPA.

Please post your feedback and Vote if the problem resolved as per your satisfaction.

Posted on Jun 02, 2010

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