Take on balances

[Kevin Smith]

If you look at the financials, there must be something with credit balances that offset the debit balances in the bank. In a for-profit organisation this would normally be Retained earnings. I think in NPO accounting terms it is called Net Assets. If you have nothing else to go on, rename 5200/000 Retained Earnings to Net Assets and post your contra's to the cashbook there.

Net Assets is the cumulative excess or deficiency of an NPO's income and expenses from the beginning of the organisation to present.

[Christelle Muller]

If you look at the financials, there must be something with credit balances that offset the debit balances in the bank. In a for-profit organisation this would normally be Retained earnings. I think in NPO accounting terms it is called Net Assets. If you have nothing else to go on, rename 5200/000 Retained Earnings to Net Assets and post your contra's to the cashbook there. Net Assets is the cumulative excess or deficiency of an NPO's income and expenses from the beginning of the organisation to present.

Ok thank you, this makes more sense to me.