Net Worth beginning is the difference of the total of the starting balances for all assets account and all liability and equity accounts. So if the asset = liability + equity(including Unrealized Gains or Losses) then the Net Worth Beginning will be zero and not appear. One way to zero the Net Worth Beginning is to setup an Equity account in the Chart of Accounts such as Retained Earning, or Owners Equity, etc. Use whatever name you want. Enter the Starting Balance as the same amount in Beginning Net Worth. This is will zero then Beginning Net Worth amount and it will not appear on the Balance Sheet.
For other info about handling multiple equity accounts also see the Partnership Forum or visit the Navigator Resource Center
[This message has been edited by fniadmin (edited 12-31-2002).]
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posted 02-01-2002 08:20 AM
