It is my understanding certain legal documents need an amount to be
effected but normally it is not actually paid, so there would be no £1 in
the books. It probably becomes an unpaid invoice or loan but that's
lawyer/accountant detail.
___
gnucash-user
On Fri, 2 Dec 2022 at 20:56, David Cousens wrote:
> David,
>
> When I set up a private company in Australia many years ago, my accountant
> at
> the time charged me for the nominal $2 of share capital so I debited my
> personal
> bank balance by $2 and credited an asset account recording my
>
Correct,
There's nothing special about the 'opening balance', it is just a
regular transaction that you can enter when you set up the account/book.
You can always edit or add more transactions just like any other account
later.
Regards,
Adrien
On 12/2/22 10:42 AM, Maf. King wrote:
On
David,
When I set up a private company in Australia many years ago, my accountant at
the time charged me for the nominal $2 of share capital so I debited my personal
bank balance by $2 and credited an asset account recording my contributions to
the company which also included other setup costs
On Fri, 2 Dec 2022 at 18:49, john wrote:
> That accountant you pay can also tell you how to set up your books for the
> new company. You'll get much better advice from them than from this list:
> They're licensed to practice accounting in the UK, unlike anyone here.
>
> That said the £1 per
On 12/2/2022 1:49 PM, john wrote:
That accountant you pay can also tell you how to set up your books for the new
company. You'll get much better advice from them than from this list: They're
licensed to practice accounting in the UK, unlike anyone here.
That said the £1 per share is called
That accountant you pay can also tell you how to set up your books for the new
company. You'll get much better advice from them than from this list: They're
licensed to practice accounting in the UK, unlike anyone here.
That said the £1 per share is called par value and is the lowest amount the
On Fri, 2 Dec 2022 at 17:52, Stan Brown wrote:
>
> On 2022-12-02 07:21, Michael or Penny Novack wrote:
>
> > So my GUESS is you are asking us, what should be the other side of the
> > transaction that enters this amount? << again, this is not really a
> > gnucash question since would be the same
On 2022-12-02 07:21, Michael or Penny Novack wrote:
> So my GUESS is you are asking us, what should be the other side of the
> transaction that enters this amount? << again, this is not really a
> gnucash question since would be the same question no matter how the
> books were kept >>
>
>
On Friday, 2 December 2022 13:46:38 GMT Dr. David Kirkby wrote:
> with the intention of adding the £1 share there as an opening balance. But
> it is not possible to edit the opening balance of that account.
>
> I assume it's me, as the director, that owns that £1 share. I guess, since
> it's only
I'm not at all sure what you are asking us (will have to guess)
You asked your accountant and got the answer from him or her. So that's
where it goes. Essentially you are telling us that by convention, books
of a business entity in the UK start with an equity balance of 1, not
zero. The
Hi,
When a company is set up in the UK, if by just one person, they get a share
which has a nominal value of £1.
I'm trying to put my accounts starting this financial year into GnuCash. I
was not sure where this £1 should go - if anywhere. So I asked my
accountant. See below my question in bold,
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