Equity Doesn't Close Account

[Lakeview]

I am setting up Peachtree Accounting 2001 Ver 8.0 for the first time for our church. We have a cash reserve (cash that has been carried over from prior years) and I want to set up a Reserve account that shows this excess cash. Does Equity Doesn't Close update from the end of month profit or loss? If not should I use Retained Earnings Account for this and the Equity account for the total value of the assets and cash after deducting liabilities?

Thanks

Al Wessel
Mad City Wisconsin

[fritzk]

If what you are trying to do is enter the beginning balance for all of your assets and liabilities I would create an account called Open Balance Equity (Type=Equity Account) this will show after you enter all your balances (assets and liabilities) your equity.

Fritz K Hentschel
Star Software Marketing
Computer Support Specialist
fritzk@bellsouth.net