“Debt” and “Debit” are NOT the same thing, despite they are 1 letter apart.
If the balance of your bank account is positive (you have money to spend in it) then your opening balance entry in GnuCash should be a debit to that account and a credit to `Equity:Opening Balances`. That isn’t because the bank ‘owes you’ anything, but rather, solely, because increasing an asset requires a ‘debit’ entry. The side of the ledger you use to reflect an increase or decrease is entirely dependent on the *type* of account you are dealing with, which is determined by the side of the Accounting Equation it lies on. Regards, Adrien > On Apr 17, 2019, at 9:12 PM, ToddAndMargo via gnucash-user > <gnucash-user@gnucash.org> wrote: > > On 4/16/19 1:24 AM, Fred Bone wrote: >>> So I should switch my opening balance to a negative number? > >> Possibly. It rather depends on whether your account was overdrawn when >> you started your current books. > > My paper bank book and bank statement shows a positive number. > > They way I am understanding this, they own me a debt, so I > should enter it as a negative number for opening balance > because they have a debt to me _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
