LA GL - Journal Entries: How do I move a balance from account A to account B and archive account A

How do I move a balance from account A to account B and archive account A ?

The only way to move a balance from one account (Account A) to another (Account B) in Logos is to transfer the balance. After the balance is transferred and the balance on Account A is 0.00, the account may not be made inactive until the beginning of the next fiscal year when there is no current year activity for the account.

If the Account is an Income (or Liability or Equity) or Expense, just journal the entry using General Ledger Individual Transactions.

Income ~ Liability ~ Equity

For transferring a balance for an Income Account, a Liability Account, or an Equity Account, you would Debit Account A and Credit Account B.

Expense

For transferring a balance for an Expense Account, you would Credit Account A and Debit Account B.

Bank Accounts which are reconciled

If the Account is a Bank Account, you would use the Accounts Payable Individual Transactions to write either a physical check or an EFT (ACH direct deposit) check from Account A to Account B which would be your line item. This will ensure the amount shows as a credit for Account A and a debit for Account B on each accounts reconciliation.

Archive Account A

Once your Balance on an Account is 0.00, you may archive it, but only in a year where there is no activity. So, make note of any account you want to archive and after you close the year where there is activity, go into the new year and archive any zero balance accounts. To archive the account, simply go into your Chart of Accounts, bring up the Account, and un-mark the Active box, then submit.

 

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