Troy, The Opening Balances in Equity record the net worth of your Assets and Liabilities at the time you open a new set of books/file. The option to create them when creating a new file is to accommodate the situation where you are transferring existing balances from a previous set of books/file.
If there are no existing Assets and Liabilities at the time the book is opened then you would not create them, i.e a new business the option should be checked off. You can always manually create the transactions at a later stage if you need to. To record the value of an existing asset you would debit the corresponding asset account for the value and credit the value to the Equity:Opening Balances account. To record a liability you would credit the corresponding liability account for the value of the liability and debit the value to Equity:Opening Balances account. The Opening Balances option on file creation just creates these entries when opening a new file using the balances entered for the Asset and Liability accounts. It will not allow you to enter balances for other types of accounts. David ----- David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ 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.
