Starting with new Balances after Deleting Old Data

[KVela]

I'm a relatively new bookkeeper and when I took this position the accounting module hadn't been used for a couple of years. I've deleted the old data as I want to keep the current Chart of Accounts. However, when I deleted the old data I wasn't asked to reset the balances and the balances are way off. How do I go about correcting the balances?

[NeilZ]

I'm a relatively new bookkeeper and when I took this position the accounting module hadn't been used for a couple of years. I've deleted the old data as I want to keep the current Chart of Accounts. However, when I deleted the old data I wasn't asked to reset the balances and the balances are way off. How do I go about correcting the balances?

I realize that doing what you did seemed to be the right decision, in reality, it opened up a new can of worms. For instance, Bank Account with previous outstanding checks, liabilities still showing amounts, etc.

It may be simpler to print off the Detailed Chart of Accounts Report, and then go to File -> Preferences -> Accounting Setup and lick on the Restart Accounting button.

Then use the Accounting Setup Assistant to help you setup your starting balances, and so on, and use the Detail Chart of Accounts Report to setup the CoA.

You didn't say what version of Powerchurch you're using, but I would find the Powerchurch Plus Reference Manual for your version, usually found in the x:\Powerchurch\PCPLUSzzz, where 'x' is the drive Powerchurch is installed on, and zzz your version. Then head to the Fund Accounting section, and read the Running the Accounting Setup Assistant. It will list what you will need to start. Follow that precisely, especially when you get to the part that says 'Use the Posted Balance" of the checking account. This would be the 'Check Register Balance' .. DO NOT use your bank statement balance, there will more than likely be outstanding checks that are not reflected in that statement, which can throw you off.

Finally, before you start any of this, do a backup of the Powerchurch Accounting Files using the Powerchurch backup utility. It will give you the option to select only the accounting files to backup. In this way, you can restore the system back to what it was before you reset accounting.