In double entry accounting you have a Debit and a Credit for each transaction. In your case you debited your Checking account and credited Equity, you didn't actually "transfer" the money. Same goes for savings and machinery. The opening balance each increased your equity in your "hypothetical businesss". Seems like you did everything correctly.
Thank You, Gyle McCollam Gyle McCollam 609.680.2326 Mobile gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email ________________________________ From: gnucash-user <gnucash-user-bounces+gylemc=gmail....@gnucash.org> on behalf of John Edward Hynes <j...@hytronix.com> Sent: Saturday, April 30, 2022 10:32 AM To: gnucash-user@gnucash.org <gnucash-user@gnucash.org> Subject: [GNC] N00b accounting q: opening balances Hi list,I’m very new to accounting and gnucash. In setting up a hypothetical business, I have a question about opening balances:I entered $1000 in the equity opening balances account, transfer to current assets checking. I also added the savings opening balance, and machinery starting book value, in the same way.Shouldn’t the open balances equity zero out after appearing in the “target” accounts correctly? There’s no imbalance, everything looks fine, except that opening equity account doesn’t decrease. Should it, or is this normal?Thanks! _______________________________________________ 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. _______________________________________________ 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.
