Hello! I am not an accountant, but as far as I understand, Equity is exactly the the right account for this.
Whenever I myself have a question like this it helps me think and google assuming that I am running an accounting for a small business. In this case Equity is everything which owners invest in the company or draw from it. What you are doing when initiating "Opening Balance" is equivalent to closing old company and transferring all assets as well as liabilities to a new company, and this has to go through Equity as far as I understand. It is definitely not *Income *and *Expenses* On Thursday, March 28, 2024 at 5:22:06 PM UTC+1 [email protected] wrote: > Good morning all! > > How do I input the debt I already have when starting to use beancount? > > My entry looks like: > > ``` > 2024-03-28 * "BofA:Credit" "Opening Balance" > Liabilities:BofA:Credit -113.44 USD > Equity:Opening-Balances 113.44 USD > ``` > But I'm thinking that equity is maybe not the right place for this, or > maybe there's something else that I'm doing wrong! I would love some > direction! > > Thank you! :) > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/04b2bd07-b8fd-4392-a613-bb8399d3fe5fn%40googlegroups.com.
