RE: beginning balance of income and expense accounts

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

Re: beginning balance of income and expense accounts

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

Re: beginning balance of income and expense accounts

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,

Re: beginning balance of income and expense accounts

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

Re: beginning balance of income and expense accounts

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

Re: beginning balance of income and expense accounts

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 > >

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

Re: beginning balance of income and expense accounts

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

Re: beginning balance of income and expense accounts

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

Re: beginning balance of income and expense accounts

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

beginning balance of income and expense accounts

I am starting Gnucash in the beginning of the year. As I’m entering the beginning balance for each income and expense account, a transfer is being made to my Equity Opening Balance account. For income beginning balance entries – credits income; debits Equity Opening Balance For expense