How do we correct beginning balances for an Expense account that was initially set as Equity account
We had an income statement account that was showing a beginning balance in January.
We had an income statement account that was showing a beginning balance in January. When we reviewed EDM we noticed it was an account type of Owner’s Equity. That has been corrected to expense in EDM and in ERP but it’s still showing a beginning balance. What do we need to do to get it to close out to equity?
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