When entering opening balances, a common method for balancing a journal entry is to post to a suspense account, for example the 94920 - Member Data Clearing Account. See our article on entering opening balances to see an example of this type of journal entry
When balancing multiple journal entries, there can be instances where a suspense account can be used as a credit entry, and others where it can be used as a debit entry. This can leave a residual balance.
A solution to this problem is to post the residual balance to the 49000 - Profit/Loss Allocation Account.
Example:
After having entered opening balances for the 2019 Financial Year, there is a residual debit balance in the 92920 - Member Data Clearing Account of $50,000. The appropriate adjusting entry would be as follows: