quickbook -members entry

[mbsc]

Hi there,I am struggling to understand Quickbook software.in the TB shows creditor under nominal members equity, however it is first year accounts and it is not definitely reserves, which is shown in the balance sheet ,How can I reverse it and what double entry shell I use to balance the books , is it caused by the income and expenditure balance and should it be credited to director's loan ? because if it is left as it is it overstates the profit .
Please can you help me to understand this .
thanks

 

[David Griffiths]

Probably something to do with the date of transactions and the accounting year set up in Quickbooks.

Check to see the setting for the first month of your financial year - Company >> Company Information.

Any transactions posted with a date earlier than that will be rolled up into a figure for Retained Earnings. So if the first month in your financial year is April, and you've dated a sale or expense in March, that could be the cause of the problem.

The other possibility is that you've posted something directly into "Opening Balance Equity" account. Have a look at that account to see what it is, and take it out. I've seen Quickbooks post things like stock adjustments and bank reconciliation adjustments in here.