I did it directly in the child account with the corresponding,
double-entry accounting entry into Equity child account.
For example I have my Asset:Banking:Checking1 hierarchy and my
Equity:Opening_Balances hierarchy. In the Checking1 child account I
entered the opening balance with a corresponding entry in my
Opening_Balances child account. That Equity:Opening_Balances child
account ends up with lots of entries from all the open balance entries
pulled in from various accounts during the setup process.
(I'm not an expert but this has worked for me)
On 3/7/2019 11:18 AM, Teresa wrote:
One more question, just to be clear, did you set up opening balances
in the child accounts, or transfer from the proper parent account?
On 3/7/2019 1:03 PM, Bucky Carr wrote:
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.
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