Lori,
The Opening Balances account is an account of type equity. *It is always the
offset account for the opening balances of all other accounts.*
Your procedure for starting to use Gnucash from the 30/9 is fine. The entry
for the opening balance for your income and expense accounts at 30/9
On Sun, Mar 25, 2018 at 09:34:58AM -0400, Mike or Penny Novack wrote:
> [...] it is usual to start a set of books JUST from the balance sheet
> with income and expense zero.
This is what I was going to suggest -- very tentatively and with
many caveats that I'm not an accountant. Since Mike (I
On 3/24/2018 4:56 PM, Buddha Buck wrote:
In general, I wouldn't bother entering starting balances for income and
expense accounts from before the period I am accounting for. Traditionally,
those accounts were temporary, and at the end of the accounting period the
balances would be reset to zero,
On Saturday, 24 March 2018 22:36:29 GMT Stan Brown wrote:
> On 2018-03-24 16:56, Buddha Buck wrote:> In general, I wouldn't bother
> entering starting balances for income
>
> > and expense accounts from before the period I am accounting for
>
> I agree, and I'd go further: don't enter opening
den=mchsi@gnucash.org> On
Behalf Of Dale Alspach
Sent: Saturday, March 24, 2018 5:34 PM
To: gnucash-user@gnucash.org
Subject: Re: beginning balance of income and expense accounts
In that case your first entry should be income total from the start of the
accounting year to Sept. 30 and you should be doing t
t;gnucash-user-bounces+lnorden=mchsi@gnucash.org> On
> Behalf Of Dave H
> Sent: Saturday, March 24, 2018 3:33 PM
> To: Adrien Monteleone <adrien.montele...@gmail.com>
> Cc: gnucash-user@gnucash.org
> Subject: Re: beginning balance of income and expense accounts
>
>
In general, I wouldn't bother entering starting balances for income and
expense accounts from before the period I am accounting for. Traditionally,
those accounts were temporary, and at the end of the accounting period the
balances would be reset to zero, being transferred to equity. That isn't
I first started to type that as my reply till I took a closer look at her
entries. Equity increases with a credit, but you can’t have a credit to equity
and a credit to income to increase both without one or more debits to other
accounts to balance the transaction.
Though it doesn’t hurt to
Check your Preferences >> Accounts >> Reverse Balanced Accounts setting - I
have mine set to "Credit Accounts" which reverses the balance in my
Equity:Opening Balances account.
Cheers Dave H.
On 25 March 2018 at 06:09, Lori Norden wrote:
> I am starting Gnucash in the
How do you have an opening balance for income or expenses at the beginning of
the year? You haven’t earned or spent anything yet.
You should be starting off with opening balances for assets and liabilities.
Then as you earn and spend, the net of those newer entries are virtually
calculated as
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