The way I did it was to set up a CoA with 5 parent accounts: Asset,
Equity, Liability, Income and Expenses. I set those as top level
accounts so no transactions can be entered directly into them. Then I
set up all my child accounts under the proper parent accounts. Then I
set up the opening balances in each child account. Depending on the
level of detail I wanted some of the child accounts have child
accounts of their own.
HTH
On 3/7/2019 10:56 AM, Teresa wrote:
I have 25 years experience in Accounting, however never set up a
chart of accounts.
I just started working for my daughter, who has done everything in
excel.
I have put all the gl accounts in GnuCash, but they all went in as
parent accounts, I new term to me.
My question is, shouldn't these be child accounts? Also, do I set up
a single of each Equity, Liability and Asset accounts as parent
accounts with the beginning balances, and transfer to the child
accounts from there?
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